Owner/operators are one of the beneficiaries of a measure enacted by the federal government to help restaurants recover from the pandemic. Instead of deducting 80% of the cost of restaurant meals on the road, truckers may now deduct 100% of such expenditures for tax years 2021 and 2022. Obviously, anyone who takes advantage of this deduction should retain proof in the form of restaurant receipts in case of an audit.
ICSA does not give financial or tax advice, so we urge you to consult a tax accountant before you file your taxes to take full advantage of this change.
Every year, TAT (formerly called Truckers Against Trafficking) honors a member of the trucking, bus or energy industry, whose direct actions help save or improve the lives of those exploited or prevent human trafficking from taking place, with the Harriet Tubman Award
Bob Costello has indicated that the freight market has improved – but very slowly – since January. It must be said that ATA’s indices are dominated by contract freight as opposed to spot rates.
Now, however, with Republican control of both houses of Congress and the White House (and, some say, the Supreme Court) I am optimistic that trucking will get a fairer shake than it has during Biden’s term in office.