Tag: taxes: Page 2

Channel 19

With PPP loan terms relaxed, consider these questions to avoid a forgiveness trap

As Paycheck Protection loan terms extend, here's how to avoid a potential loan forgiveness trap, given freight uncertainty for the rest of the year.

June 12, 2020

Business

Owner-ops encouraged to file taxes sooner rather than later despite IRS extension

Although the IRS has extended the deadline for filing taxes to July 15 due to COVID-19, owner-operators should file earlier to receive refund sooner. More here.

March 24, 2020

Overdrive Extra

Year-end financial planning, Part 2: Health care, retirement and more

Health care choices include health savings accounts, discounted insurance through Obamacare and marketplaces that specialize in owner-operators.

December 2, 2019

Overdrive Extra

Year-end financial planning, part 1: Still time to cut 2019 tax bill with deductions

One major caveat for piling up deductions of any kind is to know the big picture for your income, especially if you had a bad year. The concern is you don’t want to waste efforts on deductions, such as accelerating a big purchase to 2019, when your taxable income is at zero or close to it.

November 27, 2019

Overdrive Radio

California independent contractor fallout: ‘Two-check’ employee/contractor pay system explored

This week’s Overdrive Radio podcast: A talk through history of the two-check “employee owner-op” model of the past with OOIDA board member and small fleet owner Monte Wiederhold, in the wake of California’s codification of strict new rules around the independent contractor classification.

October 2, 2019

Business

Diesel fuel taxes increase in a dozen states

With the turn of the calendar to July, truck drivers will see increased diesel fuel prices in 12 states due to rising fuel taxes. While some states’ increases are less than a cent, some states’ taxes on diesel will be immediately noticeable. All of the following fuel tax increases took effect Monday, July 1.

July 1, 2019

Voices

Half of readers object to a miles-traveled tax as fuel-tax replacement

Part of the picture complicating the very notion of replacing the fuel tax is the slow but steady overlay of toll roads on top of the current system, which so many view as tantamount to double taxation. About a third of readers, however, voiced some support for an equitable miles-traveled system.

May 9, 2019

Business

Bill in Congress would restore drivers’ per diem tax deduction

The deduction saved drivers hundreds — if not thousands — a year in tax liability, depending on how many days a year they worked. The per diem changes instituted by the 2017 law did not affect owner-operators, who can still deduct per diem as a business expense.

May 1, 2019

Voices

POLL: Would a standardized miles-traveled tax for highway funds be a good fuels-tax replacement?

With some state jurisdictions currently testing the idea of a miles-traveled tax in place of a fuel tax for road repair and expansion funds, how do you feel about the potential fuel-tax replacement being eyed as electric and hybrid vehicles become more prominent?

April 29, 2019

Business

As per diem benefit sunsets for company drivers, carriers find a work-around and OOIDA asks Congress to act

Swept away with new tax code enacted in late 2017 was the allowance for company drivers to take the per diem income deduction. Carriers are altering pay packages to help account for the change, while OOIDA is asking Congress to restore the tax benefit.

January 25, 2019

Business

IRS bumps up owner-operators’ per-diem allowance

Owner-operators can now claim a meal per diem when they're away from home, according to a new per diem structure announced by the Internal Revenue Service.

October 4, 2018

Business

Federal heavy vehicle tax filings due Aug. 31

Form 2290 must be filed by August 31 and appointments for assistance with the form can be made with the IRS Taxpayer Assistance Center. Details on Overdrive.

August 16, 2018