How Tax Reform Effects Owner-Operators
- 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
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.
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.