taxes

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.

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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.  

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Tax bill likely sunsets meal per diem for drivers, cuts rates across the board

Insight into the tax reform bill that passed Congress on Wednesday, including tips on ways to maximize deductions -- and minimize tax bills -- for this year and next.

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Tax cuts favored for middle class, small business

Readers name broad priorities for tax reform as House and Senate near agreement on reconciliation of two competing legislative tax packages.

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POLL: What’s the most important aspect of tax reform?

What would you most like to see Congress achieve with tax reform? With House and Senate attempting to get a tax bill done before the end of the year, choose your most-preferred priority here to weigh in.

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Trump: ‘We want lower taxes, bigger paychecks for America’s truckers’

“No one knows America better than America’s truckers,” Trump told the crowd. He pressed for lower tax rates for individuals and businesses and a simpler filing system and spoke gushingly about trucking. "Nothing gets done in America without the hard-working men and women in the trucking industry," he said.

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POLL: Have you ever been through an IFTA or IRP audit?

How commonly state auditors review IFTA and IRP records of owner-operators is not widely known -- what's been your experience with audits of your International Fuel Tax Agreement filing or International Registration Plan records?

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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.

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More ELD questions answered by Wes Memphis

And: A word from reader Bob Glaves against the ELD mandate; Revisiting tax/per-diem strategies that can be short-sighted when it comes time to weighing the need for income at retirement.

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In the per-diem weeds with company drivers

In which a reader asks a question about treatment of the standard per-diem deduction depending on how the carrier treats a standard reimbursement -- after-tax or pre-tax. Mike Calahan of ATBS provides the answer.

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