1852 Flatbush Avenue - 2nd Floor
Brooklyn, New York 11210
|Client Update - quarterly newsletter||
CFO Service; and Professional Tax Preparation and
Advisory service, for Companies and Owner-Operators
of Trucks; Courier Vans; Passenger Vehicles; Tire and
Mechanic Shops; Workers of the MTA; Sanitation, Metro
North; CSX Rail, etc., (CDL; MC DOT; and TLC).
"Trip-Sheet expenses are just the beginning. You need a Transport
Tax-Accountant to go Full-Throttle for you. Lets ROLL!!"
**Jobs for Truck Owners and Support Workers (Top Companies):- Landstar(800) 872-9400; Coyote(877) 626-9683; Robinson(855) 229-6128; Schneider (800) 558-6767; Old Dominion(800) 235-5569; Echo(800) 354-7993; JB Hunt (877) 791-9458; Knight (877)403-4029; Mode(800) 434-8881; Swift(877) 497-8971; Global Tranz (866) 275-1407.
We are Proficient at Managing Clients expectation. This website attracts over 1,020,000 readers. Some of them are Clients and some of them are Paid Subscribers. They like how we are keeping it REAL with them. Time Management is VERY important to us. Contact us when you are READY to do BUSINESS with us.
**TAX TIPS:-Up to 25% of your Business Income is TAX FREE (IRC 199A). Business Travel - 65.5 cents/ml; Per Diem $69/day, and Section 179 Expenses Deduction Up to $1,080,000 for Heavy Trucks; and a Deduction of $11,200 for Passenger Autos., Light Trucks, and Vans. Those deductions are in ADDITION to your Operating Expense Deductions(IRC-162, 179. 212, etc deductions). Hence, more disposable income in your pocket. Also, get up to $7,500 Federal Tax Credit if you purchase a New Electric Truck.
We prepare PRESENT and PRIOR years Tax Returns for over 300 Taxpayers that are employed in this industry. Our network is vast and varied; and the synergies we bring to every client are limitless (Cohesive Group Dynamics). Our clients are locate in NY, NY, CT, GA, PA, FL, TX, NC and CA
Clients pay their choice of courier (UPS; DHL; FedEx; Post-Office) and send us their ORIGINAL documents. We give them up to $30 credit; and we pay to the Post-Office (regular delivery rate) to return ALL their ORIGINAL documents and a copy of the Tax Return that we prepare for them. The Turn around time to prepare a Tax Return is WITHIN 5-DAYS AFTER we received ALL your information. The FEE to prepare an INDIVIDUAL Tax return STARTS at $400; and a BUSINESS Tax Return STARTS at $1,275.00. The fee is tax deductible. That is an affordable price that doesnt squeeze the CASH-FLOW in a Cash-strapped Company with Budgetary Constraints.
If you are filing a Business Tax Return, please get our our APPROVAL first, then send us the ORIGINAL documents (A copy is good if it can easily be read) that contain your business GROSS INCOME, and EXPENSE ANALYSIS. If your Business GROSS INCOME is ABOVE $250,000, we will need more information from you to prepare BALANCE SHEET for the IRS and State.
Our CONTINUALLY Updated Tax DATABASE contains over 1,000 Tax Strategies that are unique to your industry. It enables us to use the BEST Tax-Efficient Structure (Proactive Tax Strategies) that will MINIMIZE your Tax Liability; and MAXAMIZE your Cash-flow and Disposable Income without raising a red flag. Hence, our clients have never been audited by the IRS or State.
The Corporate Transparency Act:- A Corporation Tax Return MUST reached the IRS and State(s) on or before MARCH 15 (IRC Section 6072). It is your responsibility to file your Corporation Tax Return on time; OR File Federal Tax Extension Form 7004 and your State Tax Extension Form EARLY, and AVOID paying a Late Filing Penalty of $245 to the IRS and $200 to each State PER MONTH. The IRS website is IRS.gov. IRS hotlines are (800)829-4933 and (800)829-1040 from 7am Eastern Standard Time (EST).
**NOTE:-Accounts Receivable Collection(We can collect money from people that owe your company money and refused to pay you. Give us the contract(s) that you had signed with each dead-beat).
**NOTE:-Get our Monthly Personal & Business expert advice and Tax Planning tips(Our CONTINUALLY Updated Tax DATABASE contains over 1,000 Tax Strategies that are unique to your industry. It enables us to use the BEST Tax-efficient structure that will MINIMIZE your TAX LIABILITY and INCREASE your Cash Flow and Disposable Income).
**NOTE:- "We serve over 300 new and regular clients that are employed in this industry. We speak their language, and we Prepare and File their Tax Returns. We Answer their difficult questions about Taxation, Insurance, Supply Chain & Transportation Logistics, Load Board, Freight Brokerage, Accounts Receivable Collections, Occupational Safety, etc. We Deliver exceptional results everytime, and we Handle IRS & States Audit. We refer New Truck Owners to TOP Freight Brokers and Trucking Companies (SCROLL DOWN), as a KICK-START/ JUMP-START /BOOSTER / SPRINGBOARD to move them forward (UPWARD MOBILITY), because we are quite familiar with the Logistical Hurdles in Transportation and Supply Chain Management. Truckers Vision and Priorities are compatable with our Business Model, Mission, and Verifiable Track Record; and we have always come through for them during times of economic challenges in this industry" .
The fee is Tax Deductible. In addition, it is an INVESTMENT you made to MINIMIZE your Tax Liability, keep more Working Capital in your Business Account to curb inflation and manage the increase in the price of Diesel/fuel; and improving your Business Credit-worthiness and Valuation with your Stakeholders (Bank, Suppliers, Investors and Creditors). PLUS, you are in Capable Hands because we are proficient at managing expectations; and we have a proven and verifiable track record. Therefore, you get Exceptional Results and Peace-of-mind; and you have nothing to lose. Testimonials that we have received during our annual Truck-Owners survey are overwhelmingly impressive.
Lets get to the specifics!!
Money is Wealth and Power. It also brings Financial Freedom, Happiness, and a lot of Friends. We keep up with current developments in this industry, and we will use every Regulatory Tax Loophole to help you keep more of your money; and we will put a BIG smile on your face. Time Management is very important to us. Call us when you are READY to do business with us.
We dont rely on simplistic rules of thumb scenarios and abstract concepts to solve Transportation Tax Problems. Our methodology is factually-deep and effective. We ensure every Tax Assignment is completed Quickly, Efficiently, and Accurately. Truck-Owners get Great results and Peace-of-mind.
*Tax Codes we use:-(Costs Segregation Analysis) 61, 63, 67, 162, 167, 179, 197, 199A, 212, 263, 274, 280, 351, 382(NOL calculations, limitations, and carry forward), 441-446, 704(b), 754, 761, 945-948, 3402, 6072, 6662, 6695, etc.); Plus IRS 48 hours of Mandatory Annual Continuing Education. You can read for FREE Chapter 2, pages 11-20 in my best selling book, "Sweet Success" by Clemson Barry on Amazon.
*Tax Research Companies we use:-Thompson Reuters; Prentice-Hall; RIA; WG&L; BNA; and CCH. They are the best/legendary; and they are use by IRS Auditors. Hence, you are in capable hands with us.
Services We Provide Fleet, SEMIs, ODs, and OTRs.
#1)Tax Planning (preparing for unforeseen contingences, including the tax aspects of Marriage, Separation and Divorce).
#2)Federal, Single-State and Multiple-State Tax Preparation (Including State Tax Credit; etc.).
#3) IRS & States Tax Problem Resolution (Payroll tax audit; Prior years tax owed; Failure to Reply/Comply; Wage garnishment; Innocent spouse; Collection appeals; Penalty abatement; Bankruptcy filing; Omission of Income; Delinquent child Support; Delinquent Student Loan, etc.).
#4)Personal and Business Financial Planning.
#5)Book-keeping; Business Loans Application; Fianacial Statements; and Business Valuation.
#6) Insurance, Investments, and Risk Management Advisory.
#7) New Business, Franchise, and Real-Estate Advisory (Business Model and Proof of Concept; Buy; Lease; Lease-Option; Sell; and Inheritance/Succession).
Who Are Our Clients:-
They are Transit/Railroad Employees, C-Corp., S-Corp., LLC., and Sole-Props (IRC Sections 351, 441-446, 761, etc). Some of them are new clients and some of them have been our clients for many years. We are quite familiar with the Industry Standards and Practices, and the New Tax Breaks, including the PER DIEM allowances, Major Repair allowance, Operating deductions, Credits, Bonus depreciation, Carryovers, etc for Fleet and Owner Driver, in accordance with IRS and DOT rules. We help clients pay LESS tax and keep MORE money in their pockets. We put our Track-Record and Reputation behind everything we do. You have a lot of work to get done. Lets start today!!!
Federal and Single-State, or Federal and Multi-StateTax Returns are completed Quickly, Efficiently, and Accurately. The turn-around time is usually 1-3 days. Some transport clients Fax their documents to us. Most of them send us their documents by UPS, DHL, FedEx, and Post Office. They are:-
1) Taxi & Limousine companies (Uber, Unter, Lyft, Juno, Communicar, Green Cab, etc.)
6)Workers/Empoyees of Metro-North, Sanitation, and CSX Rail. - 401(k) and 457(b) plan.
****NOTE:- For employment at Amtrack, the MTA and the Post Office:- apply on these websites:-Careers.Amtrack.com; NewYorkJobDepartment.com; and USPS.MyJobsCorner.com.
How We Obtain New Transportation Clients:- Direct mailing from our exclusive Database; States Department of Corporation Registry; Truckers searching on Google and other Search engines; YouTube Truckers Group Discussions; and having promotional items distributed at Truck Shows, Truck Stops, and Dispatch Terminals.
What We Want From Transport Workers/Employees,
Companies, and Owner Operators
#1) Your Cell Phone number and E-mail address for quick communication.
#3) A copy of your Drivers License or State ID; AND a copy of your spouse Drivers License or Stste ID. (IRS & States needs this information on ALL Tax Returns to help deter Identity Theft).- IRS (800) 829-1040 from 7am EST.
#4)Give us those letters you received from the IRS and States, including the letter you received from the IRS with the IP PIN number that was assigned to you to put on your tax return(Identity Protection Personal Inentification Number).
#5) Form 1095-A, B or C (The Affordable Care Act) for Medical Insurance you paid for yourself and your family members (IRS Requirement). - IRC Sectios 6051.
#6) Form(s) W2 from your employer.
#8) Copy of Birth certificate and Social Security Card for each dependent you are claiming; and information from Day Care or Baby-Sitter you paid
#9) Forms W-2G gambling winnings from Casinos, State Lottery, Horse Racing, etc; and Forms 1098-T for College Tuition you paid.
#10) Forms 1099 for Unemployment, Social Security, Pension, and Disability Income received; AND Forms 1099 from your Bank and Stock Broker for Savings Interest and Dividends you received; and Stocks and Bonds Sold during the year.
#11) If you own a Private House, Vacation Home, and Time-Share, we need the Mortgage Interest; Real Estate Tax; School Tax; Community Tax; Village Tax; Town Tax; Sales Tax for Boat & Automobile you purchase; and Home-Owners Association Dues(HOA) you paid on each property.
#12) If you own a Condo or Co-op., We need the Mortgage Interest you paid your Bank; PLUS the Letter/Statement that you received from your Condo Board or Co-op Association that shows the number of shares you own(Co-op) and Mortgage Interest and Real Estate Tax you pay from the maintenance fee you paid during the year.
#13) If you own Rental Property, we need the Rental Income; Property Tax; Home Owners Insurance; Mortgage Insurance; Mortgage Interest; Property Tax; and ALL Expenses you pay to operate each rental property you own during the year.
#14) An analysis of your Business Expenses (IRC Sections 67, 162, 167, 179, 197, 212, 263, 274, 280, 945-948, 3402, etc) for the tax year. If you are an Owner Operator we would add your DOT and IRS per diem for incidental expenses.
#15)Your Credit Card or Bank Account Information to pay for the service.
Transportation Related Education
*Travel Institute, New York (Air, Road, Rail, & Sea).
* Brooke Transportation Training Solutions, Texas (Trucking).
* M.S. Taxation; and IRS Enrolled Agent - since 1989.
*IRS 48 Hours of Mandatory Annual Continuing Education.
* MBA Business Management.
* Insurance Broker (property & casualty).
*Real-Estate Salesperson & Broker Certificates.
*Accounts Receivable Collections.(Dunn & Bradstreet).
*Member, the American Trucking Association (ATA).-Since 2008.
Question:- I can tell you guys know this business. However, is there something specific that you can tell us that will convince us that you really care and we can trust you?"-Ricky, T. (Springfield, Oregon).
Answer:-Ricky, we are proficient with meeting Clients expectation. We can steer your business operations and your tax returns successfully out of the intricate network of Federal and States tax codes, tax rules, and tax practices & procedures in a similar manner to the way your drivers steer your trucks successfully over hills, slopes, Ice roads, precipices, and mountainous and rugged terrains. How about that, Ricky? Are you finally convinced that we really care and you can trust us?
Starting a Trucking Business.
You are entering a large/big industry. Truck companies are the biggest/largest employer in some states. Some truck companies are classified as fortune 100 and 500 companies. They can hire you to work for them; and they can help you buy or lease trucks if you choose to work independently and haul freight for them.
Fuel and Insurance are the biggest operating expenses. It is very important that ODs know their COST per MILE before they agree to move load/Freight to specified destinations. Your COST per MILE can change with the kind/type of terrain and fuel consumption (Flat roads, Rugged roads, Hills, Mountainous, etc.).
***NOTE:-You can take a load that is a little over/above your cost per mile if the second load that you will carry back or carry forward will compensate for the money you lose on the first load (you lose a little on one load and you gain on the other loads). That is an important business decision that every Truck owner must make WISELY, especially if you have a strong business relationship with your freight broker.
#1) U.S. Dept. of Transportation(DOT):-If you are starting a Trucking Business, Get Registered. Log on this website (www.Transportation.gov), and get important government transportation information about CDL permit, MC, DOT, FMCSA, etc. You can call FMCSA (Federal Motor Carrier Safety Administration) directly (800) 832-5660. Some Freight Brokers will help you get training and registered; and help you locate trucks that you want to buy or lease.
#2) Top 12 Freight Brokers with Logistic Superiority:- ODs with MC, DOT and ready to move Steady/Consistent load/Freight call:- Worldwide Express (610) 521-5450; Mode (800)434-8881; Knight(877)403-4029; Global Tranz(866)275-1407; TQL(800)580-3101; Panther (866) 303-7447; Swift(877) 497-8971; JB Hunt(877) 791-9458; Landstar(800) 872-9400; C.H. Robinson(855) 229-6128; Echo Global Logistics(800) 354-7993; Coyote Logistics(877) 626-9683.
#3) Top Freight-Bill Factoring Companies:- Get paid within 24 hours. Money in circulation keeps the economy rolling. If you need Cash Advance for your Invoices; or if you need a Fuel Card to save on Fuel cost, call "DAT Freight Factoring" (800) 551-8847. www.DAT.com; OR "Aero-Fund Financial" (800)747-4234. www.AeroFund.com; OR "Cashway Funding" (888) 752-1443. www.CashWayFunding.com.
#4) File Your Fuel Tax Reports:- IFTA-100, Form 2290 and Form 903. Call "Permits Plus", (877) 722-8059. website www.PermitsPlus.com.; OR Call "Express Truck Tax" (704) 234-6005. www.ExpressTruckTax.com.
#5) Emergency Roadside Service-24/7:-(Serving, ODs, OOs, MC, Insurance companies, Dealerships, Finance Companies, and Load Boards anywhere in the USA and Canada):-
*National Truck - (833) 387-1674 www.NationalTruckService.com.
*RoadSide Masters - (888)381-7438 www.RoadSideMasters.com.
***NOTE:- If you own a Mechanic Shop or Tire/Tyre Shop, you should consider obtaining Emergency Outsource Road-side Work in your city/state from those two companies. Call them and established a working relationship with them.
Questions & Answers
#1) Question:-I bought a Mark truck, formed an LLC, and leased the truck to a company that moves load for shippers. The company hires a driver, pays all the operating expenses, and send me a check every week. I want to file my tax return. Can you help me? - Jane, K, Dallas, TX.
Answer:-I can help you if you send me the truck Gross Income, and a list (An Analysis) of the Expenses that the company paid. The management company is required to send you a statement of the income & expenses every time they send you a check.
#1) "I own a trucking company and I was searching the internet for a taxman. I got a link that leads me to Barrys Accounting Services. I contacted Barry and he wasted no time getting me to talked to 4 truck owners who are happy with his service. I am happy I hired him. The result was better than I had anticipated".-Jimmy, P. (Brooklyn, NY).
#2)"BIG MISTAKE!! I paid a lot of income taxes because I allowed the people that filed my truck fuel tax reports to prepare my business tax returns. I am looking at the e-mail you send me and I cant believe how much money you saved me.Wow!!-Eva Jordon ( Atlanta, GA).
#3) "Thanks for the information and encouragement. I reached out to Landstar & Coyote and I am busy now. Its crazy how things have turned around for me. I will see you tax time-Will Anderson, (Edison, N.J).
#4) "The Bookkeeper in my Freight Broker office files my fuel tax forms. I was told by my friend that works for a trucking company to find an accountant that knows the trucking business. Through another friend, I contacted Barry; and he has been my taxman for over 18 years. He saves me a lot of money that I would have had to pay in taxes. He knows this business and he is very resourceful".-Greg McNilley, (Carlsbad, CA).
#5) "The information you have given us is invaluable. We have leased a fleet of trucks and the leasing company has encouraged us to retain your services."- Allan & Tom, Shippers & Movers, (Randall Ave., Bronx, New York).
#6) "I am an OD/OO. I am on the road and could hardly find time to go to a tax office and get my taxes done. I send my information to Barry and he gets the job done. The results have been better than I had expected. It has been this way for 15-years. Great guy!!" - Jerome Jenkings, (Clear Water, Florida).
Types of Hauls (local & regional):- Specific kinds of trucks are used after the Shippers Cargo and Transportation needs are identified (FTL, LTL, 3PL); and Distance(Short, Intermediate, or Long haul) is calculated. Hauls can be Hazardous Material(haz-mat), Refrigerated Cargo(Reefer); Concrete Mix; DryVan; FlatBed; Tanker; Heavy Haul; Intermodel; Container Transport; Ice Road(delivery over frozen lakes), Automobile; Oilfield; Private Sanitation, Heavy-duty towing; etc. Hauls can be EXPRESS or TEAM on Dedicated lines; or Consistent loads of a variety of freight on the same routes from a Nationwide Network. RATES can be 52 to 60 CPM; PLUS Compliance Bonus for ON-TIME DELIVERIES; OR (27% of line haul + Safe driver bonus + Transition Bonus + On-time delivery pay + Referal bonus +Tarp & Stop-Off pay).
Box Trucks, Tractors, and Semi (70 to 220 gals fuel tanks and up to 450 HP):-Peterbilt, Mack, Kenworth, GMC General, Freightliner, International, Norstar, Cummins, Leyland, Western Star, Workhorse, Volvo, Mercedes, etc.
Types of Trailers:- Step deck, Drop deck, Double drop deck, Removable gooseneck, and Flatbed. Call "Heavy Haulers" (800)908-6206. www.HeavyHaulers.com
People in various industries would refer to the trucking industry by different names, such as Inland Freight, Interstate Commerce, or Inland Marine. The cars we drive are brought to the dealers by trucks. Heavy equipment (tractors, bulldozers, cranes, etc.) to build roads, buildings and highways are brought to the construction site by trucks. The items that we purchase at the supermarkets and neighborhood shops are transported there by trucks. This includes lumber and hardware materials; and pipes used in the transportation of petroleum, water, and natural gas. In some states trucking companies are the biggest employers. Fuel price and fuel surcharge do have an effect on the industry. However, the industry will continue to dominate freight movement and the national economy as more fuel efficient trucks are being manufactured annually. There were over 120 million REGISTERED trucks including 1.95 million REGISTERED tractor trailers on the road in 2018, according to the Federal Highway Administration (FHA) statistics.
When my clients ask me how much insurance coverage I would consider adequate to cover their exposure, I often tell them to look at their net worth on their business or personal financial statements because that is what is at risk in the event they incur a catastrophic loss, including the verdict from possible lawsuits. The coverages I recommend are auto liability, physical damage, motor truck cargo, trailer interchange/drop lot, general liability, excess auto liability/umbrella, workers compensation, occupational accident & health (OA&H), and pollution coverage.
Auto Liability Coverage
Physical Damage Coverage
Motor Truck Cargo Coverage
Trailer Interchange/Drop Lots
"What is the typical cost range including operating costs for a new or used tractor/trailer, and whats the average life span?"-Karen. D, Houston, TX.
Fuel can cost you about $65K (20K gals) depending on your route and how long your truck runs. Group Insurance $10K; maintenance $5K-15K annually, for a new or used the tractor & trailer. Front tires $1,000 each and rear tires $400 each. The life span can run up to 5-years before major repairs are needed. It depends upon the kind of operations that you are involved with (trade cycle, warranty and depreciation schedule) and the annual mileage that you are covering. Everything must be factored into the kind and scope of your maintenance schedule.
Steven Transportation, Swift Logistics and other Trucking Companies that I mentioned above replace their fleet continuously. You may be able to purchase a high quality pre-owned truck from those companies. If you want to buy new trucks and trailers, your best bet is to attend the Mid-America Truck show, the Mid-West Truck show, or the Great American Trucking Show in Dallas, TX; and dont be afraid to ask questions. Those shows offer everything that you can think about in the trucking/transportation industry.
"I am a class "A" OTR with haz-mat and tank endorsements. I have been working for companies for 13 years. I am starting my company as an O/O and I will be soliciting freight from Brokers whom I have built a relationship with over the years. I am offered a pre-owned, well-maintained 18-wheeler, 2005 Ken worth T-2000 with 400,000 miles. The truck cost $62,500, 9.5%, five years. Trailer $25,500, 6%, three years. I plan to be on the road for nine months a year. Diesel 5.8 mls/gal.; tolls, registration, etc., $3,500. How much load do I have to haul to be able to break even in the first year?"— E. McAllister, Walnut, CA.