IC_11-16_OnlinEdition

Business
Solutions By Shasta D. May
INTERESTING
THINGS TO KNOW
Trucking – Several Regulations Affecting the
Industry Coming Soon
First, the requirement to log drivers’ hours
electronically, which takes effect at the end of
2017. Most large carriers have already switched
tractor trailers, buses, vans, big pickups and
other commercial vehicles. The new efficiency
gains will increase prices of future models.
IRS – Fee for Installment Plans Increasing
The Service is proposing a stiff fee hike to
go into effect on January 1, 2017. The charge
for new installment plans will be $225, a
$105 increase from today’s cost. The cost for
direct debit installment agreements will more
than double to $107. And for restructuring or
reinstating an existing plan, the fee will rise
$39 to $89. The cost will be less for taxpayers
who set up online payment plans. They will pay
$149 and $31 if they remit funds through direct
debits from their bank accounts.
Energy-Efficient Tax Credits –
Still Time to get Credit
The tax law extended through 2016 the credit
for energy saving items added to one’s residence,
such as windows, insulation, roofs and
doors. It stays at 10% with a $500 maximum.
Any credits taken in prior years count against
the $500. And many items are capped, no more
than $50 for circulating fans, $150 for furnaces
and $200 for windows.
to electronic logs. But smaller trucking firms
often still log hours manually, and going digital
is expensive, about $500 per device.
Also coming, tougher fuel economy rules,
which start to phase-in in 2018 and increase
over the next decade. The rules apply to new
If you install solar panels, you can claim a
credit for 30% of the total cost. For solar energy
systems installed in a residence, the full credit
applies through 2019 and phases out until it
ends after 2021. The tax break for geothermal
heat pumps, residential wind turbines and fuel
cell property currently expires after this year.
10 INDEPENDENT CONTRACTOR 2016 www.TruckDriverMagazines.com