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
Oct 30, 2009 | Story angle: Recordkeeping One of the most misunderstood deductible business expenses involves the so-called “service vehicle”—the business-related use of a personal car, truck, or van. Here’s your roadmap to compliance.
Sep 28, 2009 | Story angle: Recordkeeping, Taxes It’s no surprise to Scott Taylor when a client says, “Why did I get this notice?” Or, “Can you explain this in plain English?” But every now and then he gets a call like the “Case of the $20,000 Tax Bill.” It’s an exasperating story because the situation is so preventable.
Aug 26, 2009 | Story angle: Taxes The concept behind the International Registration Plan (IRP) is to make it easier to register and pay licensing fees to each jurisdiction you travel to. And I think everyone would agree that it does. Today, 10 provinces and the 48 contiguous states participate in IRP. Scott Taylor offers tips for IRP compliance, especially for carriers in Ontario.
Jul 1, 2009 | Story angle: Taxes We all love tax credits, and pretty much everyone I know is dreaming of a bathroom or kitchen reno. But qualifying for the HRTC takes some planning and an understanding of what kinds of expenses are eligible.
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.
Apr 27, 2009 | Story angle: Money Management These days, the concept of a retirement age may seem to be just that—a concept. People are already saving less in order to pay for everyday expenses and plan to work longer to make up for it. Even if you haven’t reached what the government considers retirement age, you may still be able to tap into the Canada Pension Plan.
Apr 13, 2009 | Story angle: Recordkeeping, Taxes Canada Revenue Agency knows that the vast majority of taxpayers want to comply with the rules but at least need better instructions. With April upon us, Scott Taylor takes some of the mystery out of how CRA handles tax returns and point out some things to think about as you prepare to file next year (or this year, if you’re still getting organized).
