If you are an llc then nope not required ....it was an interesting switch we we went to the llc and added trucks , your book keeping has got to be on point and with all the equip financing payroll etc your relationship with a good cpa is worth more then gold imo
Closing the year in three months...
Discussion in 'Ask An Owner Operator' started by Beaver9, Sep 25, 2020.
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No requirement to send 1099"s for transportation, no matter how much was paid.
Beaver9 Thanks this. -
Get an accountant Now.
don’t wait because they will be busy.
Sole proprietor, llc, inc don’t matter, you need accurate records so ... you don’t need proof other than your own bank records and/or accounts receivable records, the irs has been lax in demanding proof of payment from those people you work for as long as your records are accurate, if anything they will go to the revenue source and tell them they need to produce their records to confirm yours.Beaver9 Thanks this. -
When I was a sole proprietor, I received dozens of 1099’s. After I incorporated, I receive 2 or 3 maybe.
Beaver9 Thanks this. -
Don’t need then. Can’t rely on the numbers they provide. Your own accounting system will be most accurate.
Beaver9, Midwest Trucker and 86scotty Thank this. -
This ^^^
You just need YOUR records, can’t rely on them to send them out.
You don’t need an accountant, a tax preparer can easily handle your small business. Mine charges about $250 for 1/2 sit downs a year.
We both prefer to do it this way: file extension early each year (free and no penalty), then we sit down in May or June when he isn’t busy and get r done. Low stress.Beaver9, lester and Rubber duck kw Thank this. -
Okay.
Thank you all. My bookkeeping is good except for one shipper who likes to issue comchecks. In the beginning, I was too busy getting other paperwork organized that I didn't mark when I received the comchecks. I can figure things out by checking eLOG/bank. But it could be a pain. I just hope that this one shipper provides the 1099 form. All the rest are accounted for because these were all invoiced.86scotty Thanks this. -
I used personal loans to finance the equipment. I will add all the interest charges. Also, I used another loan. I will account for all the charges. It is going to take a bit of time. But I have all monthly statements and a bit of time to get organized.
But all of these bills. They may slip through the cracks. I have a whole pile of them! Do you use any kind of app or software to organize all the bills into different categories that are
easy to use and very helpful.
What's the easy way to track your spendings?
I can probably create files in excel Microsoft, but I hope there is an easier way to do this. -
Beaver9 Thanks this.
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Trucking Jobs in 30 seconds
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