The Trucker Newspaper - December 15-31, 2015

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38 • December 15-31, 2015 Business thetrucker.com Getting prepared now for tax time can save time — and money later on Cliff Abbott cliffa@thetrucker.com “It’s the most wonderful time of the year,” or so the popular Christmas song goes. If you own one or more trucks, however, it just may be the most important time of the year, too. What you do before the clock winds down to the last moments of 2015 will have a big impact on your 2016, including the taxes you pay. It’s a great time to take a look at your records storage process. Misplaced and disorganized records and receipts can increase your cost at upcoming tax time, first from the expenses you won’t be able to claim without receipts and then from the increased fees your accountant can charge for having to organize your box full of loose papers. Equipment to scan and electronically save your receipts and other documents can help you stay organized and has the added benefit of easy (and free) transmission to your accountant, plus the expense of purchasing the equipment can be tax-deductable. It’s also time to make sure your dispatch and travel records can justify the standard deduction you’re allowed for meals and incidental expenses while on the road. The IRS allows you to deduct a standard amount for these without saving receipts or tracking expenses, but only for days spent away from home. You’ll need your copy of logbooks or a printout of your electronic record to prove you were away if you are audited. The deduction is reduced, The Trucker file photo Don’t wait until April to begin preparing for your 2015 taxes. By getting organized now and planning your year-end expenses, you can help make 2016 a better year. too, for the day that you leave home and the day you return. A financial review will help you make decisions about upcoming expenditures. If you’ve had a good 2015, you may choose to get those repairs done that you’ve been putting off so that they can be claimed as expenses occuring in 2015, where they will reduce the amount of profit you’ll pay income tax on. If, on the other hand, you think you’ll show a loss for 2015, you may choose to purchase those new drive tires in January so the expense can be claimed on 2016 taxes. Vehicle-related purchases aren’t the only expenses to consider. Electronics like smartphones or laptop computers, if used for business purposes, can be claimed on taxes, too. Your accountant can tell you which can be deducted in full and which must be claimed as depreciation over a period of years, but any business-related expense, including Christmas gifts to your customers, can help reduce your tax liability. You won’t have the actual profit and loss figures yet, but if you’ve kept good records you should have an idea of where you’ll end the year, especially if you’ve made your quarterly estimated tax payments. Your accountant should be able to help you make year-end spending decisions, too. The Patient Protection and Affordable Care Act, also referred to as Obamacare, could play a large part in your income tax liability this year and an even larger part next year. Your financial advisor or accountant can help you understand the details, but expenses for health insurance and healthcare can impact the amount of taxes you’ll pay as well as penalties you may owe if you aren’t in compliance. Another year-end decision deals with time off. In many segments of the trucking industry, freight slows down in the last few weeks of the year, and your earning potential may drop as well. Rather than struggling, some drivers decide to take some time off during the holidays so they are refreshed and ready to run when the new year starts. Don’t wait until April to begin preparing for your 2015 taxes. By getting organized now and planning your year-end expenses, you can help make 2016 a better year. 8 OWNER OPERATORS: ARE YOU ONE OF THE BEST? Actively Hiring Company Drivers & Diesel Mechanics! Current CDL required, Health Insurance, 401K Oilfield short haulers and side dump drivers in North Dakota. For more info and applications, visit us at tnrtransport.com 701-965-6031 12125 ND 5 Crosby, ND 58730 EXCELLENT BASE PAY!
{ Company Driver Owner Operator Teams Lease Purchase Flatbed Van CD OO T LP F V R H Reefer E S HAZMAT Expedited Specialized www.thetrucker.com December 15-31, 2015 • 39 Company Driver Owner Operator Teams Lease Purchase Flatbed Van Reefer HAZMAT Expedited Specialized Tanker CD OO AG Trucking, Inc. www.agtrucking.com (800)366-1216 See our ad on page 34! Cargill www.cargillmeatlogistics.com (316)462-7220 See our ad on page 14! Diamond Transportation www.diamondtrans.net (262) 554-4039 See our ad on page 35! McCollister’s Transportation www.mccollisters.com (800)257-9595 ext. 9490 See our ad on page 11! PFS Brands (Pro Food Systems) www.PFSbrands.com (888) 581-9188 See our ad on page 24! Secured Land Transport www.SLTtrans.com (888) 983-9842 See our ad on page 9! CD OO T LP F V R H E S TK Anderson Trucking Service www.atsthetrucker.com (877)818-9414 See our ad on page 21! CD OO T LP F V R H E S TK Clark Transfer www.clarktransfer.com (800) 440-6361 See our ad on page 32! CD OO T LP F V R H E S TK HVH Transportation, Inc. www.driveforhvh.com (888) 845-4278 See our ad on page 30! CD OO T LP F V R H E S TK Mercer www.mercertown.com (888) 374-8445 See our ad on page 14! CD OO T LP F V R H E S TK ProFleet Transport Corp. www.profleet.com (877) 684-8787 See our ad on page 26! CD OO T LP F V R H E S TK TMT, Inc. www.drivefortmt.com (877) 397-4795 See our ad on page 36! CD OO CD OO T LP F V R H E S TK CD OO T LP F V R H E S TK CD OO T LP F V R H E S TK CD OO T LP F V R H E S TK CD OO T LP F V R H E S TK CD OO T LP F V R H E S TK Autumn Transport Inc. www.AutumnTransport.com (800)328-1405 ext. 810 See our ad on page 33! Celadon www.driveceladon.com (800) 333-1327 See our ad on page 20! Interstate Dist. Co. www.driveforinterstate.com (866) 526-3292 See our ad on the cover! National Carriers www.drivenci.com (888) 439-3196 See our ad on page 31! RLT www.rlttrucking.com (800) 444-4758 See our ad on page 10! Transport Designs, Inc. www.transportdesigninc.com (855) 496-3039 See our ad on page 48! CD OO T LP F V R H E S TK CD OO T LP F V R H E S TK CD OO T LP F V R H E S TK CD OO T LP F V R H E S TK CD OO T LP F V R H E S TK CD OO T LP F V R H E S TK Bennett Motor Express Drive4BME.com (844)339-0991 See our ad on page 36! Chief Carriers www.cheifcarriers.com (888) 430-8860 See our ad on page 19! Janco Ltd. www.jancoltd.com (800) 526-9085 See our ad on page 11! Opies Transport www.opiestransport.com (800) 341-9963 See our ad on page 6! Roadlink Express www.roadlinkexpress.com (763) 398-6695 See our ads on page 40! Watkins Shepard www.wksh.com (800) 634-3318 See our ad on page 17! CD OO T LP F V R H E S TK CD OO T LP F V R H E S TK CD OO T LP F V R H E S TK CD OO T LP F V R H E S TK CD OO T LP F V R H E S TK CD OO T LP F V R H E S TK California Overland www.caoverland.com (888)700-2254 ext. 124 See our ad on page 52! D&D Sexton, Inc. www.ddsextoninc.com (800) 743-0265 See our ad on page 53! Landstar www.lease2landstar.com (877) 472-0097 See our ad on page 2! Penske Logistics www.gopenske.com/careers (855) 235-1361 See our ad on page 53! Sammons Trucking www.sammonstrucking.com (888) 252-4159 See our ad on page 13! CD OO T LP F V R H E S TK CD OO T LP F V R H E S TK CD OO T LP F V R H E S TK CD OO T LP F V R H E S TK CD OO T LP F V R H E S TK CD OO T LP F V R H E S TK Principle 5 five star drivers deserve five star careers Satisfaction { Steadfast adherence to moral principles; Honesty; Trustworthiness. 972-986-3154 arnoldtrans.com 888-4calark calark.com 800-44-PrIDE - cD 800-28-lEaSE - O/O schneiderjobs.com/reasons 877-409-0075 WeDriveXPO.com/tt Safety Stability Integrity Respect Driver Satisfaction Safety Stability Integrity Respect Driver Satisfaction
Page 1 and 2: Vol. 28, No. 24 www.thetrucker.com
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Page 11 and 12: Thetrucker.com SCDOT wants to sell
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Page 19 and 20: Thetrucker.com THE ASSOCIATED PRESS
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