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
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.
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.
Mar 1, 2012 | Story angle: Money Management, Recordkeeping, Taxes It’s important to understand how medical expenses affect your taxes and financial planning. The reason, of course, is that health care costs can add up in a hurry. When you know the rules, you can make the most of any opportunity to reduce your tax obligation. As you review your medical expenses, here are three questions to consider.
Feb 1, 2012 | Story angle: Taxes Because 2012 is a leap year, you have an extra day to find the income statements, assessment notices, receipts, logbooks, and anything else you need to back up your claims. Lucky you. Here’s how to make the most of it.
Jan 2, 2012 | Story angle: Taxes You want to learn from your mistakes, but it’s way more fun (and far less painful) to learn from the mistakes of others. That’s why it’s instructive to read Canada Revenue Agency’s police blotter of tax-fraud convictions, which the agency posts on its website.
Dec 1, 2011 The Canadian government continues to make changes to Canada Pension Plan retirement benefits. The latest revisions take effect gradually from 2011 to 2016, but one of the biggest starts on Jan. 1, 2012. It’s called the Post-Retirement Benefit (PRB), and depending on your age and whether you collect a CPP retirement pension, it may affect the size of your paycheque.
