Truck drivers who are owner-operators are responsible for paying their taxes. This means you need to keep accurate records of your deductions as well as your earnings. If you don’t deduct all your expenses, you could end up paying significantly more taxes than you need to.
Let’s look at some important and often overlooked tax deductions that owner-operators for trucking businesses can claim.
Owners of trucking companies may not have a background in finance, but it’s important to have a basic understanding of accounting. Even if you have a professional bookkeeper or accountant handling your books, you should be familiar with basic accounting terms and principles. This knowledge will help you understand the health of your business and warn you of problems that may be on the horizon.
In order to better understand your finances, it helps if you’re familiar with the terminology. The following are some accounting terms that are relevant to your business. Read more
Any B2B business that is looking for ways to boost cash flow without taking out a traditional loan may be interested in invoice factoring. When invoices are factored, you receive immediate payment from the factoring company instead of having to wait for business clients to pay. There are numerous ways that invoice factoring can contribute to better cash flow and business growth. Read more
If you run a staffing agency, you understand the importance of cash flow. Waiting for customers to pay their invoices can create painful gaps in your cash flow. One solution to this common problem is invoice factoring, a type of financing where you get paid for your invoices immediately rather than having to wait for clients to pay. Read more
Invoice factoring is a type of alternative financing that helps businesses improve their cash flow situation. It can be used in place of or sometimes in addition to other types of financing such as equipment financing, unsecured loans, and venture capital.
Let’s take a closer look at how invoice factoring works so you can decide if it’s worth considering for your own business to help with cash flow and more.
