How Tax Reform Effects Owner-Operators

Summary

  • Owner-operators earning over $60,000 per year may benefit from incorporation.
  • If you’ve been considering purchasing a new truck or trailer, now might be the best time to do it and take the 100% depreciation.

SUMMARY OF THE ARTICLE FROM DAT

Owner-operators earning over $60,000 per year may benefit from incorporation.

The Tax Cuts and Jobs Act added a 20% deduction for any taxpayer that has Qualified Business Income (QBI) from a sole proprietorship, partnership, or S-corporation.

Have you been considering a move from a sole proprietorship to an S-corporation? If so, now might be the perfect time.

ELITE TAKE

We love our carriers; the relationships we have with 1000’s nationwide is what drives ELITE’s business. Since it is tax season, carriers large and small will be thinking about how the Tax Cut and Jobs Act (TCJA) will positively affect your businesses in the years to come. This article may give you some insights on how to take advantage of the TCJA to maximize net profit. In an industry experiencing so much change – government regulation with ELD’s, technology shaping the future of the industry, and more which all squeeze margins tight – every penny counts more than ever. Of course, before making any changes to your company’s structure, we recommend you speak with an experienced accountant.

Owner-operators earning over $60,000 per year may benefit from incorporation.

LATEST UPDATES

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On the three-month anniversary of the federal government’s electronic logging device (ELD) mandate taking effect, we at ELITE decided to take a look at what we’ve learned from the legislation to-date. Spot market pricing will be affected for the foreseeable future. ELD’s signal need for all parties to make long-needed changes. ELD devices are a headache for many drivers and hurting carriers.

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Recent Awards

Inc 5000 2017 - Freight Management

Fastest Growing Companies Pittsburgh 2018 - Freight Management

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