Perspectives

How Truckers Should Deal with Proposed Tax Changes

Trucker and his wife checking his taxTrump has made several promises about a tax plan that will supposedly benefit hardworking Americans. When dissected, however, these tax changes seem to benefit only the rich and leave average-earners to pay for the share that is supposed to be handled by those earning millions, current president and his friends included.

With these looming changes, how can you keep your business afloat?

Double-check Everything

Now is the time to be more vigilant about your books. You cannot afford to make a single mistake. For truckers, who will be affected by Trump repealing the estate tax, there’s a big chance that you will pay instead of being exempted. The estate tax repeal will allegedly help only 30 trucking businesses or fewer, according to the Washington Post.

This means you need accounting for truckers more than ever, as accountants will know how to file your taxes properly to reflect all the legal deductibles that keep your tax manageable. You work hard and deserve to get the fruits of your labor. While paying tax is a duty, it should not cripple you even before you take into account your regular expenses.

Be Vigilant

Things can go wrong every step of the way. Though you can minimize the chances of committing an error, if you let an accountant handle the tax computation and filing for you, other parties may still be involved in the process. The IRS may disagree with your filed tax, in which case you need to be ready with proof of your business expenses.

Hopefully, your expenses do not include hospitalization costs and repairs from an accident, as they also impact your business greatly. Though you have insurance to handle the expenses, they may still lead to some downtime, which means lost money. If you’re paying for hefty taxes, the last thing you want is to tackle more expenses than earnings.

Truckers, beware. Changes in the estate tax law may cause changes in your tax filing. Know what these changes mean and how they affect you.

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