Truck Mirror and Seat Adjustment
Professional drivers know that the placement of mirrors and seats can have a huge impact on safety.
ICSA’s newest endorsed partner, American Truck Business Services (ATBS) has highlighted several key tax updates relevant to independent single-truck drivers and small fleet owners for the current tax season. Notably, the per diem deduction for meals and incidental expenses has increased to $80 per full day and $60 per partial day as of October 1, 2024. This adjustment allows drivers to deduct a larger portion of their expenses for the 4th Quarter of 2024 and into 2025 when traveling away from home.
Changes in bonus depreciation rules may affect your tax planning strategies for 2024 as well as for 2025. Bonus depreciation of 100% went into effect after September 27, 2017, and remained in effect until January 1, 2023. This tax strategy was part of President Trump’s tax cuts enacted shortly after he took office for his first term. Bonus depreciation works as an incentive to stimulate business investment by allowing companies to immediately depreciate qualifying assets, such as equipment, rather than write them off over the useful life of the asset. This strategy can reduce a company's income tax, which in turn reduces its tax liability.
For 2024 tax purposes, bonus depreciation is reduced to 60%. If you are planning equipment purchases in 2025, be aware that bonus depreciation will be reduced to 40%, followed by a reduction to 20% in 2026, and complete elimination in 2027. To ensure you are paying as little tax as legally possible, ATBS recommends several proactive steps:
By implementing these strategies, truckers can optimize their tax positions and ensure compliance with evolving tax regulations.
To learn more about filing taxes for 2024, read the full article here: https://go.atbs.com/important-tax-updates-icsa.
Professional drivers know that the placement of mirrors and seats can have a huge impact on safety.
The National Transportation Safety Board (NTSB) released a report this week outlining the events that led to the fatal crash on westbound I-80 at the Green River Tunnel.
The good news is that President Trump wasted no time in nominating Derek Barrs, former Chief of the Florida Highway.