Tag: owner-operator taxes

Business

Tax reform means annual savings of $2,000 or more for owner-operators

A new deduction allowed for owner-operator businesses, as well as a few other reforms instituted by the tax overhaul, will mean annual savings of $2,000 or more for many owner-operators. Some could see annual savings as high as $7,000.

January 11, 2018

Overdrive Extra

The scrum over truckers’ meal per diem: A moot point under tax reform? (examples included)

Whether there’s a change to the per diem or not may mostly be a moot point, since the bill doubles the standard deduction allotted to all income tax filers, including truckers. The new deduction protocol for income tax filings may ultimately hinge on a numbers game, and owner-operators and company drivers will need to determine the best way to maximize their deductions.

December 21, 2017

Business

Trump proposes tax cut for owner-operator businesses

It’s unclear how many single-truck owner-operator businesses would be affected by the tax cut, as many owner-operators already are in or below the 15 percent bracket.

April 26, 2017

Overdrive Extra

As tax time looms, owner-operators shouldn’t overlook these deductions

Here are five of the most common deductions for owner-operators, says trucker tax expert Dennis Bridges, an Atlanta-area CPA who works with about 1,000 owner-operators. Savings for these add up to $3,000 for those in the 15 percent tax bracket — and more for those in the 25 percent bracket.

February 17, 2017

Business

Start preparing now for April 15, 2014

Some of you might have gotten a little sticker shock from your forced donation to the IRS last month. If that’s prompted a midyear resolution to cut costs and get better organized, here are some tips.

April 25, 2013

Partners in Business

Don’t overlook cost of a truck wash

If you wash your truck at home, you can claim the cost of household water and detergent for washing the truck as a business expense at tax time.

October 11, 2012