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Accounting for the Trucking Industry
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  • Home
  • Firm Profile
    • Accounting Fees
    • Press Releases
      • 2023 Norwalk Business Hall of Fame
      • 2019 Best of Norwalk Award
      • 2014 Best of Norwalk Award
      • Two-Time Award Winner
    • Testimonials
    • Track Record
      • 2015 Peer Review
      • 2012 Peer Review
      • 2011 Peer Review
      • 2009 Peer Review
      • 2008 Peer Review
  • Services
  • FAQ
    • Pay Your IRS Bill
    • Six Tips on Gambling Income and Losses
    • The Refund Guru
    • US Commerce Association
    • Incorporating
    • Tax Preparation Service
    • Strategic Business Planning
    • Small Business Accounting
    • Payroll Services
    • Tax Planning services
  • Business Owners
  • Blog
  • Contact
Accounting for the Trucking Industry
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May 27, 2025May 27, 2025tax

The IRS recently announced 2026 amounts for Health Savings Accounts

The IRS recently released the 2026 inflation-adjusted amounts for Health Savings Accounts (HSAs). Employees will be able to save a modest amount more in their HSAs next year. HSA basics An HSA is a trust […]

May 25, 2025May 25, 2025tax

How working in the gig economy affects your taxes

The gig economy offers flexibility, autonomy and a way to earn income, but it also comes with tax obligations that can catch many workers off guard. Whether you’re driving for a rideshare service, delivering food, […]

May 23, 2025May 23, 2025tax

Hiring independent contractors? Make sure you’re doing it right

Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among them, ensuring these workers are properly classified for federal tax purposes is crucial. Misclassifying […]

May 21, 2025May 21, 2025tax

The tax rules for legal awards and settlements: What recipients should know

If you’ve recently received a settlement or award from a lawsuit, or you’re expecting one, you may be wondering how the IRS views this money. Will you need to pay taxes on it? The short […]

May 19, 2025May 19, 2025tax

Can you turn business losses into tax relief?

Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. Certain losses, within limits, may be used to reduce taxable income in later years. Who qualifies? […]

May 14, 2025May 14, 2025tax

Still have tax questions? You’re not alone

Even after your 2024 federal return is submitted, a few nagging questions often remain. Below are quick answers to five of the most common questions we hear each spring. 1.When will my refund show up? […]

May 12, 2025May 12, 2025tax

Corporate business owners: Is your salary reasonable in the eyes of the IRS?

Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain deductions or reclassify payments, potentially leading […]

May 7, 2025May 7, 2025tax

The “wash sale” rule: Don’t let losses circle the drain

Stock, mutual fund and ETF prices have bounced around lately. If you make what turns out to be an ill-fated investment in a taxable brokerage firm account, the good news is that you may be […]

May 5, 2025May 5, 2025tax

An education plan can pay off for your employees — and your business

Your business can set up an educational assistance plan that can give each eligible employee up to $5,250 in annual federal-income-tax-free and federal-payroll-tax-free benefits. These tax-favored plans are called Section 127 plans after the tax code […]

April 28, 2025April 28, 2025tax

Understanding the “step-up in basis” when inheriting assets

If you inherit assets after a loved one passes away, they often arrive with a valuable — but frequently misunderstood — tax benefit called the step-up in basis. Below is an overview of how the […]

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EMIL ESTAFANOUS, CPA, FCPA, CGMA
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