Closing the year in three months...

Discussion in 'Ask An Owner Operator' started by Beaver9, Sep 25, 2020.

  1. bigdad7

    bigdad7 Road Train Member

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    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
     
    Last edited: Sep 26, 2020
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  3. wichris

    wichris Road Train Member

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    No requirement to send 1099"s for transportation, no matter how much was paid.
     
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  4. Ridgeline

    Ridgeline Road Train Member

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    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.
     
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  5. dirthaller

    dirthaller Medium Load Member

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    When I was a sole proprietor, I received dozens of 1099’s. After I incorporated, I receive 2 or 3 maybe.
     
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  6. uncleal13

    uncleal13 Road Train Member

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    Don’t need then. Can’t rely on the numbers they provide. Your own accounting system will be most accurate.
     
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  7. 86scotty

    86scotty Road Train Member

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    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.
     
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  8. Beaver9

    Beaver9 Light Load Member

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    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.
     
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  9. Beaver9

    Beaver9 Light Load Member

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    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.
     
  10. bigdad7

    bigdad7 Road Train Member

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    For our nine trucks that is a full time job ....we use let's truck but are going to move to quick books next year and Patriot software along ....trying to digitize things next year also ....we have binders for bank statements settlements and a 3 inch binder for each truck I think the bank statements and credit cards take 2 binders the settlements take three a year ....and a huge accordion file for reciepts ....my ex wanted a copy of everything to audit the llc for child support if the attorneys can't sort it out she has to pay .25 cents a page to get a copy we are averaging 4 to 5 thousand pages a year and she wanted five years .....ok still looking for the easier process
     
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  11. Midwest Trucker

    Midwest Trucker Road Train Member

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    We use Quickbooks. I’d get started on that sooner then later. Now ideally and back date through this entire year. Worst case at the start of next year.
     
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