Download - How to pay less taxes
![Page 1: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/1.jpg)
HOW TO PAY LESS TAXESOwner-operators will discover important
deductions and commonly overlooked expenses that can lower liability.
![Page 2: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/2.jpg)
ATBSshow.com | teamrunsmart.com
WELCOME
Todd Amen President & CEO of ATBS
![Page 3: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/3.jpg)
ATBSshow.com | teamrunsmart.com
ATBS
• Prepare more than 14,000 tax returns/year
• Consult with owner-operators year-round
Trusted Tax & Accounting Experts
for Independent Contractors
![Page 4: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/4.jpg)
ATBSshow.com | teamrunsmart.com
Are you handing over too much
money to the IRS?
Almost all owner-operators can significantly reduce the amount of money they hand over to the IRS every year.
INTRODUCTION
![Page 5: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/5.jpg)
ATBSshow.com | teamrunsmart.com
• Your Tax Liability• Mis-understood Deductions • Must-Have Tax Credits • Successful Bookkeeping • Successful Tax Strategies • Conclusion & Questions
AGENDA
![Page 6: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/6.jpg)
ATBSshow.com | teamrunsmart.com
• Income taxes – Fed and State• Employment taxes – SE taxes if IC• Social Security• Medicare• FUTA & SUTA
• Sales & Excise Taxes• Property Taxes• Fuel Taxes
WHAT TAXES ARE YOU SUBJECT TO?
![Page 7: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/7.jpg)
ATBSshow.com | teamrunsmart.com
• Income taxes – Fed and State (W2 or 1099)• Employment taxes – SE taxes if IC (1040)• Social Security• Medicare• FUTA & SUTA
• Sales & Excise Taxes• Property Taxes• Fuel Taxes
HOW ARE THE TAXES REPORTED AND PAID?
![Page 8: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/8.jpg)
ATBSshow.com | teamrunsmart.com
Set aside 25-28% of your weekly net income for quarterly taxes.
QUARTERLY TAX ESTIMATES
Quarterly payments include:• Self-employment tax • Federal income tax• State income tax
![Page 9: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/9.jpg)
ATBSshow.com | teamrunsmart.com
• Safe harbor - divide prior year tax liability by four to calculate the quarterly tax estimate.
• Actual income - useful for those with a fluctuating income. Calculate your quarterly income and pay based on this amount.
ESTIMATING QUARTERLY TAXES
![Page 10: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/10.jpg)
ATBSshow.com | teamrunsmart.com
Collect taxes on their behalf including: • Social security • Medicare • Federal and state income tax
EMPLOYEE TAXES
Do you have employees for your business?
![Page 11: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/11.jpg)
ATBSshow.com | teamrunsmart.com
• Do not wait until April 15th - penalties can apply
• Download the ATBS tax calendar at www.atbsshow.com/2014taxcalendar
TAX CALENDAR
Put time on your calendar each quarter to pay tax estimates.
![Page 12: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/12.jpg)
ATBSshow.com | teamrunsmart.com
• Truck Lease or Depreciation & Interest• Fuel, Maintenance, & Insurance Costs• Any expense incurred in normal course of business• Download a list of tax deductible items
www.atbsshow.com/tax-and-tax-resolution
COMMON TAX DEDUCTIONS
Minimize tax liability by claiming every legal deduction and credit available:
![Page 13: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/13.jpg)
ATBSshow.com | teamrunsmart.com
• Home Office• Out Of Route Miles• Guard Dog • Personal vehicle miles – 56 Cents/mile if used
for business purposes• Medical Expenses• Per Diem
OFTEN MIS-UNDERSTOOD TAX DEDUCTIONS
![Page 14: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/14.jpg)
ATBSshow.com | teamrunsmart.com
Per Diem• For meals on the days you are working away from
home. The current rate is 80% of $59/day.• Partial Day Per Diem is 75% • E-log records to count Per Diem days – these can be
used ONLY if you have the full year of e-log records• Download the FREE 2014 ATBS Per Diem Tracking
Calendar www.atbsshow.com/freeowneroperatortools
OFTEN MIS-UNDERSTOOD TAX DEDUCTIONS
![Page 15: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/15.jpg)
ATBSshow.com | teamrunsmart.com
Tax credits can make a significant impact on your bottom line: • American opportunity credit - can reduce tax
liability up to $2,500 for each child in college • Earned income tax credit (EITC) - supplements
wages for low-to-moderate income workers • Child-care and dependent tax credit - a child
must be less than 13 years old or a disabled dependent
MUST HAVE TAX CREDITS
![Page 16: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/16.jpg)
ATBSshow.com | teamrunsmart.com
Bookkeeping is Important for adhering to tax deadlines and employing successful tax filing. Records should include all financial transactions• Track Revenue – helps determine profit and
taxes due• Record and calculate expenses - save all
business receipts and record business expenses regularly
SUCCESSFUL BOOKKEEPING
![Page 17: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/17.jpg)
ATBSshow.com | teamrunsmart.com
• Know your profit - determines tax liability. (Gross income - allowable business expenses = net profit) • Know the IRS statute of limitations - the IRS
usually grants three years to challenge a deduction or income on your return.
SUCCESSFUL BOOKKEEPING
ATBS recommends saving bookkeeping records for 5-6 years
![Page 18: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/18.jpg)
ATBSshow.com | teamrunsmart.com
• Business goals are set when preparing a profit plan (a.k.a. budget)
• A P&L Statement can be used to compare goals to actual performance
ATBS prepares monthly P&L as well as state and federal taxes - which translates to an easy and seamless
tax preparation process.
TRACK BUSINESS PROGRESS
![Page 19: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/19.jpg)
ATBSshow.com | teamrunsmart.com
Tax deductions are only allowed if documentation can be provided to support the claims on the return.
Keep receipts, cancelled checks, log books, and other valid proof of payments for a minimum of three
years.
AUDIT PROOF YOUR BUSINESS
![Page 20: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/20.jpg)
ATBSshow.com | teamrunsmart.com
Employee Family Members
SUCCESSFUL TAX STRATEGIES
• Retirement contribution deduction• Travel expenses• Child wages deduction
![Page 21: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/21.jpg)
ATBSshow.com | teamrunsmart.com
Setting up a business structure could result in significant tax savings. Here are the options:• Sole Proprietor • Partnership • C Corp. or S Corp. • LLC or LLP ATBS recommends setting up an LLC and filing taxes as an S Corp.
CHOOSING A BUSINESS STRUCTURE
![Page 22: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/22.jpg)
ATBSshow.com | teamrunsmart.com
Paying Less Taxes Starts with You!• Tax burden can make or break your business.
Good planning and record keeping can help reduce tax liability.
• With the help of a tax professional you will be able to lower your tax liability and meet business goals.
CONCLUSION
![Page 23: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/23.jpg)
ATBSshow.com | teamrunsmart.com
Ready to start your 2013 Tax Return?• Download the Free 2013 ATBS Tax Organizerwww.ATBSshow.com/2013TO• Send tax documents to ATBS by March 7th
• If you cannot get your taxes done on time, ATBS can file an extension for you
RESOURCES
![Page 24: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/24.jpg)
ATBSshow.com | teamrunsmart.com
• Not filing penalty – 5% per month• Filing but not paying penalty - .5%
per month
PENALTIES
![Page 25: How to pay less taxes](https://reader037.vdocuments.mx/reader037/viewer/2022103109/53e866de8d7f72b9658b4a2b/html5/thumbnails/25.jpg)
ATBSshow.com | teamrunsmart.com
Thank You!Call ATBS at 866-920-2827 or go to
www.ATBSshow.com for more information.
Team Run Smart members (www.teamrunsmart.com) receive a
5% discount on ATBS Services.
RESOURCES