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
Nov 1, 2011 | Story angle: Taxes Capital Cost Allowance, or CCA, is a way to to deduct a calculated portion of the truck’s expense over a period of years as the vehicle depreciates. It’s a great system but requires some strategic planning—and the right information—in order to make the most of it.
Sep 30, 2011 | Story angle: Financial Planning, Money Management, Operations, Taxes Shopping for a truck involves three separate decisions. There’s the vehicle itself, the money to pay for it, and the taxes. Like legs on a stool, all three need to bear weight if that truck is going to help you make a good living.
Aug 26, 2011 | Story angle: Recordkeeping, Taxes More Canadians than ever file their income tax returns online. It’s easy and if you’re due a refund, you’re going to get it two to four weeks sooner than you would filing by mail. Still, each year we get questions about the process. Here are four things you should know about filing electronically.
Jul 28, 2011 | Story angle: Recordkeeping, Taxes I get a lot of questions about “company cars.” The big issue has nothing to do with what type of expenses you can write off or whether it’s best to lease or own a vehicle. The No. 1 reason claims are denied is for failure to properly log business-related travel.
Jul 1, 2011 | Story angle: Recordkeeping, Taxes One of the great myths of being self-employed is that if you lease a service vehicle you can write off 100% of the payment and related expenses as business. Others will tell you that the type of vehicle affects your claim. In fact, a tax auditor doesn’t care what you drive or how you finance it. Here’s what he does want to see.
Jun 1, 2011 | Story angle: Financial Planning, Money Management, Taxes After tax season, I get calls from our self-employed clients wanting to review their past year in terms of both the business operation and their personal income tax. Some people just have to see the final result on the dreaded tax return before all the talk about planning and preparation finally hits home. These financial reviews can cover a wide range of topics—no individual is exactly the same. But two topics come up year after year.
May 2, 2011 | Story angle: Recordkeeping, Taxes Saving money to pay income taxes requires discipline, especially when there are other bills to pay. Here’s how to develop a plan that keeps you square with the taxman without punching a hole in your cash flow.
