ATBS Vice President Mike Hosted, in part of a conversation with Eric Harley of Red Eye Radio at the 2023 Mid-America Trucking Show, emphasized what too many owner-operators and their sometimes local tax preparers miss -- a lot of the deductions that are unique to trucking and can reduce your year-end tax bill substantially.
Hosted pointed specifically to the per diem deduction and how often ATBS sees that it wasn't claimed by a qualifying owner-operator. At $69 a day for food, the average owner-operator is getting $14,000 to $16,000 a year in deductions, he said, "and we see that missed constantly."
Red Eye Radio host Eric Harley noted that when "taking advantage of those deductions, that is money in your pocket. That's money you are keeping in your business." And when it comes to staying prepared for freight downcycles like we're seeing over the last 12-18 months, Harley emphasizes those deductions become even more important.
This video excerpts Harley's roundtable conversation at the 2023 Mid-America Trucking Show with owner-op business coach and Overdrive contributor Gary Buchs, ATBS' Hosted, and Overdrive Editor Todd Dills about the Partners in Business Overdrive/ATBS coproduction.
Catch more in the video. The full talk can be heard via Red Eye Radio's "Extra Mile" podcast or via the Overdrive Radio podcast at this link Find brief excerpts from the talk in the eight-video playlist below.
Owners looking for additional business tips, among a myriad of other topics, can find more in the Overdrive/ATBS-coproduced "Partners in Business" manual for new and established owner-operators, a comprehensive guide to running a small trucking business. Click here to download the updated 2023 edition of the book free of charge.
