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
Dec 28, 2012 | Story angle: Taxes In something of a New Year’s tradition around here, we once again take a look at Canada Revenue Agency’s blotter of tax-fraud convictions. The agency posts these summaries on its web site and releases them to the media hoping that we’ll see them as cautionary tales and not make the same mistakes ourselves.
Nov 23, 2012 | Story angle: Financial Planning, Recordkeeping, Taxes Loan-related expenses aren’t like most business expenses. Interest and other fees may be amortized over the life of the loan and wrapped into monthly payments. Up-front administrative or documentation fees may be buried in the fine print. The paperwork can be onerous and complicated. It’s easy to miss potential deductions. Here’s what you need to know.
Oct 26, 2012 | Story angle: Financial Planning, Taxes In the tax-filing business, customers only rarely come away happy. We can do great work planning and organizing but at the end of the day you still have to pay your taxes. No one brushes their fingers across a freshly prepared tax return like it’s leather upholstery. All people ever want to know is why they owe so much more tax than last year.
Sep 28, 2012 | Story angle: Recordkeeping, Taxes No matter who prepares your tax return, it’s up to you to make sure it’s accurate and filed on time. When you’re counting on someone else for help, how do you verify that your account is up to date?
Jul 27, 2012 | Story angle: Financial Planning, Taxes Should you take money out of your RRSP (Registered Retirement Savings Plan) to pay down debt or other expenses? Good question, especially if your retirement investments may be earning very little or even declining in value while the banks get rich on interest on loans and credit card debt. Here’s what to think about before you answer.
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.
Mar 26, 2012 | Story angle: Money Management, Taxes Is your tax return done? Will you file on time? Did you find that receipt? How much will you owe Here’s a better question: Why put yourself through this every year? As the tax-filing rush winds down, shift into tax planning mode for a more sane (and perhaps more profitable) 2012.
