TFS Group provides accounting and compliance services to truck fleets and owner-operators of all sizes and stripes. The company is based in Canada, but its straightforward, plain-spoken advice and methods for managing the business side of the trucking business are universal. Story angles include choosing a business structure; tax strategies and compliance; IFTA reporting; financial planning; and managing the relationship between owner-operators and carriers. Media contact: Stephen Petit
Jun 22, 2012 | Story angle: Business Structure Choosing a structure for your business is a very big deal, and your decision will have a significant effect on how you report your income, the type of returns you file each year, and how you support expenses. Here’s what you should about sole proprietorships in trucking.
May 25, 2012 | Story angle: Business Structure, Financial Planning One of the most misunderstood questions about incorporating is who owns the trucking business. Is it you? Should it be? How to allocate shares with care.
Apr 27, 2012 | Story angle: Business Structure, Taxes I’ve worked with plenty of owner-operators who feel totally competent and comfortable guiding 120,000 pounds through rush-hour traffic but shudder at the idea of shifting from sole proprietorship to incorporation. I’ve also seen just as many successfully make the transition. Over the next few columns I’ll talk about what a corporation is, the pros and cons of incorporating a business, and help make sense of it all.
Nov 26, 2010 | Story angle: Business Structure, Recordkeeping, Taxes Canada Revenue Agency says only employees whose main job is long-haul trucking are entitled to use the simplified method to calculate their meal expenses. But what about owner-operators? They not employees, they’re independent businesspeople. Scott Taylor outlines a plan that uses incorporation to help owner-operators simplify their meal claims and potentially reduce their taxes.
Oct 29, 2010 | Story angle: Business Structure Workers comp boards offer no rehab or therapy for busted bank accounts. If you’re a carrier, it’s your duty to ensure that any contractor you hire meets his obligations to register for worker’s compensation by insisting on seeing a Certificate of Clearance each year. If you’re an owner-operator, be ready to prove that you’re registered and your account is in good standing.
May 29, 2009 | Story angle: Business Structure, Taxes Most Canadians pay income tax every two weeks. It’s called withholding: your employer deducts a portion of the salary or wages from your paycheck and sends it to the Canada Revenue Agency (CRA) on your behalf. This is Ottawa’s cash-flow program.
Jan 30, 2009 | Story angle: Business Structure, Money Management, Operations, Recordkeeping, Taxes The trucking industry has a mile-long rap sheet of non-compliance when it comes to taxes, which is why owner-operators are big targets for auditors. Fortunately, you can lower the risk of an audit and potentially reduce your tax obligation at the same time. It’s a matter of structuring your business properly, getting organized, setting up regular financial reviews, and asking for help.
