Dorsey Tax Place

Dorsey Tax Place Dorsey Tax Place boasts over 30 years of expertise in offering tax and business guidance.

Whether you're an individual, small business or trucker(owner operator), we're here to save you money and support you in achieving your goals successfully. Dorsey Tax Place offers personalized services:

Personal and business income tax preparation
Business consultations
Small business start up / how to profit & grow
Truck driver business start up/ how to profit & grow
Book keeping and Payroll Service
Franchise Tax, Sales Tax, IFTA Tax, 2290 HVUT Tax preparation

09/30/2026

Owner-operators: You formed a corporation. Does that automatically make you an S Corp?

No.

Your corporation is created under state law, but S Corporation status is a federal tax election.

An eligible corporation generally has to file Form 2553 with the IRS to elect to be taxed as an S Corporation.

That's why getting your corporation paperwork approved by your state doesn't necessarily mean you're finished.

You need to know how the IRS is actually treating your business for tax purposes.

Not sure whether you're a C Corporation or an S Corporation for federal taxes?

Let's get it straight before it creates problems at tax time.

🌐 DorseyTaxPlace.com
☎️ 972-672-8850

09/28/2026

🚨 Owner-operators with an S Corporation: One late return can get expensive.

For S Corporation returns required to be filed in 2026, the late-filing penalty can be $255 per shareholder for every month or part of a month the return is late, for up to 12 months.

One shareholder + 3 months late = potentially $765.

Two shareholders + 3 months late = potentially $1,530.

That's money you would probably rather keep in your business.

If you filed an extension, remember: the extension gives you more time to file, but it doesn't make the return optional.

Already behind? The longer you wait, the more the potential penalty can grow.

Dorsey Tax Place can help you get your S Corporation return taken care of.

🌐 DorseyTaxPlace.com
☎️ 972-672-8850

09/23/2026

Owner-operators with a C Corporation: Is your tax return still on extension?

For calendar-year C Corporations that timely requested a six-month extension, October 15 is the extended deadline to file Form 1120.

That may sound like plenty of time, but October will be here before you know it.

Don't wait until the deadline to start gathering your records.

✔️ Get your paperwork together
✔️ Make sure your bookkeeping is up to date
✔️ Get your return prepared and filed

Still need help with your C Corporation return?

🌐 DorseyTaxPlace.com
☎️ 972-672-8850

Disclaimer: Every tax situation is different. This information is for educational purposes only and isn't intended as individual tax advice.

09/21/2026

🚛 Lease operator or owner-operator and getting paid on a 1099?

Here's what matters:

A 1099 generally means the payer is treating you as an independent contractor rather than an employee, so taxes typically aren't withheld from those payments.

That means you need to plan for taxes yourself.

Keep good records of your income and business expenses, know what you're earning, and don't wait until filing season to find out what you owe.

And remember: receiving a 1099 doesn't mean every driver files exactly the same way. Your business structure and individual tax situation matter.

Are you planning for your taxes throughout the year or waiting until tax season?

🌐 DorseyTaxPlace.com
☎️ 972-672-8850

#1099

09/16/2026

“It's my corporation. Why can't I just take money out when I need it?”

This is where good bookkeeping really matters.

Money leaving a corporation could represent several different things, including wages, distributions, reimbursements, or loan activity.

And those can have different tax consequences.

Simply moving money between the business and your personal account without documenting what it was for can make your records messy fast.

Your corporation's bank account isn't just another personal checking account.

Not sure whether you're paying yourself correctly?

Dorsey Tax Place can help you keep the records straight.

🌐 DorseyTaxPlace.com
☎️ 972-672-8850

09/14/2026

Did you know? A C Corporation and an S Corporation do not file the same tax return.

A C Corporation generally files Form 1120, while an S Corporation generally files Form 1120-S.

For owner-operators, that distinction matters because the way income is reported and taxed can be different.

Just knowing that you “have a corporation” isn't enough.

You also need to know how your corporation is taxed.

Not sure which return applies to your business?

🌐 DorseyTaxPlace.com
☎️ 972-672-8850

09/09/2026

Owner-operators with an S Corporation: Is your return still on extension?

For calendar-year S Corporations that timely filed an extension, September 15 is the extended filing deadline for Form 1120-S.

If you have been putting it off, now is the time to get your paperwork together and get the return filed.

Do not let the extended deadline sneak up on you.

Dorsey Tax Place can help you get it taken care of.

🌐 DorseyTaxPlace.com
☎️ 972-672-8850

09/07/2026

🚛 Did you form a corporation and assume you're automatically an S Corp?

Not necessarily.

An eligible business generally has to file Form 2553 with the IRS to elect S Corporation status.

That's important because your tax treatment can be very different depending on how your business is classified.

So don't just know what your business is called.

Know how it's being taxed.

If you're an owner-operator and you're not sure how your business is currently classified, Dorsey Tax Place can help you figure it out.

🌐 DorseyTaxPlace.com
☎️ 972-672-8850

09/02/2026

🚛 Owner-operators: Your revenue went up. But did your profit?

It's easy to see more money coming into the business and think you're having a great year.

But what did it cost you to earn it?

More loads can also mean:

⛽ More fuel
🔧 More maintenance
🛞 More wear and tear
💵 More labor or operating costs
📈 More expenses overall

You could bring in significantly more revenue and still have very little additional profit to show for it.

That's why the number at the top doesn't tell you whether your trucking business is actually becoming more profitable.

Don't just ask, "How much did I bring in?"

Ask, "How much did it cost me to earn it, and how much did I keep?"

If your revenue is growing but your bank account doesn't seem to show it, it's time to look at the numbers.

🌐 DorseyTaxPlace.com
☎️ 972-672-8850

Disclaimer: Every tax situation is different. This information is for educational purposes only and isn't intended as individual tax advice.

08/31/2026

🚛 Owner-operators: "We made about the same money. Why does he owe less in taxes than I do?"

Because the same income does not necessarily mean the same tax bill.

Two drivers could bring in similar revenue and have very different:

✔️ Business expenses
✔️ Equipment costs
✔️ Taxable profit
✔️ Business structures
✔️ Filing situations
✔️ Credits and other household income

That's why comparing your taxes to another owner's taxes usually doesn't tell you much about whether you're paying the right amount.

Your tax return should reflect your business, your expenses, and your individual tax situation.

So the next time another driver tells you, "I only paid $_____ in taxes," don't automatically assume you're doing something wrong.

Compare your numbers to your business, not somebody else's tax return.

Wondering whether you're paying more than you need to?

🌐 DorseyTaxPlace.com
☎️ 972-672-8850

Address

1615 Forest Bend Lane
Keller, TX
76248

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Tuesday 9am - 6pm
Wednesday 9am - 6pm
Thursday 9am - 6pm
Friday 9am - 6pm

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