IRS Announces Increase to the Per Diem Rate

If you are an owner-operator or independent contractor, the Internal Revenue Service delivered some good news in September. The federal government is increasing the per diem allowance from the current $66 per day to $69 per day. The increase in the allowance in per diem for days spent traveling away from home is effective beginning

Got a Tax Audit Notification?

In the game of “Would You Rather?” few people would rather be audited by the IRS than suffer a different unpleasant fate. And who can blame them? The IRS is scary. But when you have Equinox Owner-Operator Solutions on your side, you won’t have to worry.How Does the IRS Choose Who Gets Audited?The IRS computer

Equinox President & CEO Colton Lawrence Answering Tax & Business Planning Questions As Featured Guest On Two SiriusXM Road Dog Trucking Radio Channel Shows.

Did you hear Equinox Owner-Operator Solutions President & CEO Colton Lawrence on SiriusXM’s Road Dog Trucking Radio Channel 146 in mid-March? Just as the news was breaking that the Internal Revenue Service would be extending the federal tax filing deadline to May 17, 2021, for your federal income tax returns, Colton answered the call to

What are the most common tax mistakes truckers make?

All too often, truckers who make the transition from being an employee to an owner-operator are not as informed as they need to be about the tax laws that govern the industry. This lack of knowledge can, unfortunately, create major headaches for truckers. Find out from the professionals at Equinox — a provider of trucker

What is the Best Business Entity for a Trucker?

As a trucker choosing a business entity, you have a lot to consider. You may not be familiar with all the choices, but in this blog, we will cover some of the most common options. The four most common types of business entities for owner-operators are: Sole proprietorshipPartnershipsLimited liability companies (LLC)Corporations (C-corps)The most common business entity that

Getting Your CDL

Last week, we talked about the importance of having a plan before jumping into the owner-operator’s seat. Today, we’re going to dive in a little bit deeper about getting your CDL and a few things you need to take into consideration when doing your research.  Not all operations are going to require you to have

Tax Reform Equals More Money in Your Pocket

The year is quickly coming to an end.  For you Owner Operators and Independent Contractors, the time to settle up with Uncle Sam will be here before you know it.  The recently passed Tax Cuts and Jobs Act results in significant changes to tax law.  For most of you, this new legislation will result in

Contractor Tax Deductions Part 2

Last month in this space, we discussed five important areas that you can consider as tax write-offs if you’re an independent contractor. These deductions can often make a huge difference for your bottom line come tax season.At Equinox Business Solutions, we’re experts in tax preparation for independent contractors. Let’s go over another set of five

Common Deductions for Owner-Operators

At Equinox Business Solutions, we’re proud to provide detailed tax services for truckers and other independent contractors. One particular group of people who can benefit from various tax breaks in this area are owner-operators.What are owner-operators, and what are some of the tax benefits and deductions available to them? Here are the basics you need