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THETRUCKER.COM<br />
b Liability from page 17 b<br />
a resident there and owe state taxes. Your tax<br />
professional can help you sort it all out.<br />
Many people who were laid off or lost jobs<br />
during 2020 received the $600 per week supplement<br />
to unemployment compensation included<br />
in the CARES Act (Coronavirus Aid, Relief and<br />
Economic Security). The supplement, added to<br />
the state’s normal unemployment amount, resulted<br />
in a weekly check of $850 or more for<br />
many people. The full amount is taxable on federal<br />
returns and on most state returns.<br />
Some trucking business received loans under<br />
the Paycheck Protection Program (PPP). Those<br />
loans contained provisions that allowed the borrower<br />
to forego repayment if the funds were<br />
used for specific purposes, such as employee<br />
pay. Initially, the IRS determined that business<br />
expenses funded with PPP money could not be<br />
written off, but Congress has ruled otherwise.<br />
Under legislation signed by former president<br />
Donald Trump on Dec. 27, a second round of PPP<br />
loans will be available for small businesses, including<br />
those with less than 300 employees, sole proprietorships<br />
and self-employed individuals.<br />
Since President Joe Biden was inaugurated on<br />
Jan. 20, more relief related to the pandemic is in<br />
the works. A tax professional can help you take<br />
advantage of any new breaks or benefits.<br />
Even though 2020 is over, there’s still time to<br />
help your tax preparer and yourself. Make sure<br />
you’ve gathered receipts for all your expenses.<br />
Keep in mind that some of those receipts won’t<br />
of the paper variety received from stores and fuel<br />
stops. If, for example, you have a separate meter<br />
for electricity used in your shop or you pay for<br />
a dedicated phone line for your business, you’ll<br />
need evidence to claim those expenses. Vendors<br />
you’ve bought from online often save invoices<br />
indefinitely, so you may be able to retrieve any<br />
you have misplaced. Credit card bills are often<br />
available for a year or more and can be accessed<br />
online. Even a review of your checkbook register,<br />
whether paper or online, could help you identify<br />
tax-deductible expenses.<br />
Another review that could be important is<br />
your records-of-duty status. This used to mean<br />
poring through a year’s worth of log books; today<br />
it can be as simple as reviewing printouts<br />
from an ELD. The IRS allows a deduction of<br />
up to 80% of the cost for meals and incidentals.<br />
There’s a provision for a standard deduction for<br />
each day away from home that can be used instead<br />
of actual expenses, but you’ll need proof<br />
that you were on the road; hours-of-service records<br />
can suffice as evidence.<br />
Those meal deductions will be even more<br />
important in 2021, since the December stimulus<br />
bill increased the deduction percentage<br />
from 80% to 100% for truckers.<br />
If you used a part of your home to manage<br />
your business, including storage space in the<br />
basement or garage, you may be entitled to a<br />
business deduction that could include a portion<br />
of your utility bills.<br />
A large deduction many owners fail to take<br />
advantage of is depreciation of equipment. The<br />
value of your truck is spread out over its perceived<br />
useful life, which may be five or seven<br />
years, depending on how your accountant files.<br />
Once the depreciation is fully written off, it<br />
can’t be claimed again. If your income suffered<br />
substantially last year, it might be possible to<br />
defer the depreciation deduction until 2021.<br />
Your tax professional can help you determine<br />
what options are available.<br />
It’s not too late to make important business<br />
decisions for 2021. As the pandemic winds<br />
down, lower fuel prices caused by lowered demand<br />
will undoubtedly come to an end. Environmental<br />
policies enacted by the Biden administration<br />
could drive prices upward. The time<br />
may be right to invest in aerodynamic treatments<br />
for truck or trailer, or in other equipment needs.<br />
Finally, if you don’t have a tax advisor<br />
who is knowledgeable about the unique circumstances<br />
of trucking, it’s a good time to<br />
find one. You might easily find someone that<br />
can complete tax forms, but you should be<br />
confident that your advisor is taking advantage<br />
of every opportunity to save you money<br />
on the taxes you pay this year while helping<br />
you prepare for the next.<br />
Editor’s note: This article should not be<br />
taken as tax advice. Please seek a tax attorney<br />
or certified tax preparer for advice regarding<br />
your taxes. 8<br />
Business February 15-28, 2021 • 19<br />
Courtesy: Epes Transport<br />
Founded in 1931, Epes Transport LLC has grown from three trucks to more than<br />
1,550 tractors and more than 7,100 trailers.<br />
Epes Transport celebrates 90 years in trucking<br />
THE TRUCKER NEWS SERVICES<br />
GREENSBORO, N.C. — Epes Transport<br />
System LLC, the largest private truckload van<br />
carrier based in North Carolina, celebrates its<br />
90th anniversary this year. During nearly a<br />
century in business, Epes has overcome many<br />
challenges and continues to grow. The company<br />
attributes its success and longevity to<br />
the hard work, dedication and experience of<br />
its employees, as well as to its customer base.<br />
“The culture at Epes is a function of<br />
its people. Whether it’s Year 1, Truck 1, or<br />
Year 90, Truck 1,600, the people make Epes<br />
Transport special,” said Phil Peck, COO of<br />
Epes. Epes Transport was founded in 1931 in<br />
b Additives from page 18 b<br />
the petroleum-based oils often used in older<br />
equipment.<br />
“Additives should contain the same detergents<br />
and protectants that come in a quality<br />
synthetic oil,” he said. “They provide a<br />
boost and help replace the ingredients lost<br />
over time.”<br />
Blackstone, Virginia, as a tobacco hauler with<br />
three trucks. Originally known as The Transport<br />
Co., it began as a family-owned business and<br />
continued that way for more than 55 years. In<br />
1987, the company was bought by Epes Carriers<br />
Inc. in Greensboro, North Carolina; then,<br />
in 2018, Penske Logistics, based in Reading,<br />
Pennsylvania, acquired Epes Transport System.<br />
Today, Epes operates more than 1,550<br />
tractors and more than 7,100 trailers. The<br />
company has been noted on the lists of Top<br />
Workplaces, Best Fleets to Drive For, Most<br />
Valuable Employer Military Winner, and Top<br />
Companies for Women to Work for in Transportation,<br />
among many others. 8<br />
He cautions that additives that don’t contain<br />
quality ingredients, when added to the<br />
engine, can actually dilute the detergents and<br />
other agents present in the oil.<br />
Additives can be an excellent investment<br />
that help keep expensive equipment running<br />
smoothly and keep repair expense — and<br />
downtime — to a minimum. Drivers who<br />
work hard to take care of their equipment<br />
should consider quality additives to help keep<br />
them running — and earning. 8<br />
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