Don't miss these trucking tax breaks | Overdrive – Owner Operators …
Most of you have had your accountant working on your 2012 income tax by now. I hope you re using someone with trucking experience, for obvious reasons. If not, or if you suspect your trucking number cruncher needs a few LEDs replaced or is too rushed, it wouldn t hurt to ask a few questions to be sure you re not leaving money on the table.
Here are some commonly overlooked deductions and best tax practices you should be aware of. These are courtesy of Richard DeForest, vice president of fleet sales for ATBS, the nation s largest owner-operator financial services provider.
- For expenses where no receipt is available, such as coin-operated truck wash, make entries in a notebook of what the expense is, its date, location and amount. No fiction, cautions DeForest: The IRS people are very smart.
- Along those lines, keep note of miles driven in a personal vehicle for business purposes, such as to the bank or a parts store. You can write off 55 cents a mile.
- It s always good practice to keep a business credit card separate from personal cards, but it s especially helpful if you expect the IRS to let you write off interest on business-related credit.
- Renters credit/homestead credits are often overlooked and yet, in one example we saw, these can cause a swing from paying the IRS a few hundred dollars to getting a refund from the IRS of a few hundred dollars, DeForest says. Ask your tax preparer if you re not sure whether your state has such a credit.
- Don t overlook the lesser-known aspects of per diem deductions. For instance there is an allowance for rider per-diem when an OO has a rider and also for partial per diem when the driver is away from home for part of day, DeForest says.
Finally, here are the five most commonly overlooked driver deductions1, according to Scott Christensen, vice president of tax services at Equinox Owner-Operator Solutions, writing for HDT: uniform, laundry, satellite radio, cell phone, and fees for financial services (ATM, bank, credit card).
References
- ^ five most commonly overlooked driver deductions (www.truckinginfo.com)
Gov. Dayton's budget plan would mean tax for trucking services …
Published 02/25/2013, Forum News Service
If Gov. Mark Dayton s proposed budget passes, the trucking industry in Minnesota will be looking at some sizeable changes, including a 5.5 percent sales tax for trucking services.
Word count: 531
Log In
The full article is available to newspaper subscribers. If you are a subscriber please log in to continue reading.
Reset Your Password
Please enter your full e-mail address. We will e-mail you a temporary password.
References
NSW, road haulage company has become the world's first to …
A DUBBO, NSW, road haulage company has become the world s first to become carbon-neutral but it had to go to Africa to get its first lot of carbon credits.
Steve Fieldus, who owns Transforce Bulk Haulage, wants to clean up his business and show policymakers that road transport can have a lighter environmental footprint.
Among other things, he hopes to promote a re-think about lifting the carbon tax amnesty on transport fuels, due to expire in July 2014.
Unlike other transport companies partial emissions reduction initiatives, Transforce has gone boots and all , using the voluntary Carbon Neutral Program to offset the full 4000 tonnes per year emissions of its 11-truck fleet.
Mr Fieldus says this is definitely a first for an Australian bulk haulage operation, and as far as he is aware, the world.
But when he went looking for emissions credits, the only places he could find what he needed were Africa, China or India.
In Australia, the Carbon Farming Initiative is in its infancy, and well wrapped in red tape, so it has yet to generate industrial levels of emissions credits.
Mr Fieldus resorted to buying his first year s worth of credits from Africa. For the coming year, he is investigating forestry-generated credits from Tasmania.
His strong preference is to buy credits generated from soil carbon by the local farming community, which his fleet services with grain and fertiliser haulage.
Hopefully someday we ll be able to say that we bought our credits from a graingrower at Narromine, Mr Fieldus said.
Source: Farmonline
Arkansas Trucking Tax Break Takes Effect | Aqua-Gulf
A $4 million tax break for Arkansas truckers took effect Monday with the start of the new fiscal year, the Associated Press reported.
A $4 million tax break for Arkansas truckers took effect Monday with the start of the new fiscal year, the Associated Press reported.
More here:
Arkansas Trucking Tax Break Takes Effect1
References
- ^ Arkansas Trucking Tax Break Takes Effect (www.ttnews.com)
Recent Comments