As the end of the financial year quickly approaches, don’t wait too long to capitalize on all of your eligible tax deductions. Most expenses related to running your business can be tax deductible. It’s important to remember that these deductions apply to carriers who are operating under independent authority as well as for carriers who are leasing.
Taking all eligible tax deductions directly reduces your taxable income and corresponding liability for income taxes.
Commonly Missed Tax Deductions
Business owners often forget or neglect to record deductions for which they are eligible. It could be due to a simple oversight or poor record keeping. We don’t want you to miss out on potential tax savings, so here are some of the commonly missed tax-deductible items to account for before the end of the year:
- Vehicle expenses: tires, fuel, tolls, registration fees, etc.
- Some business travel expenses: travel expenses incurred away from tax base
- Electronic devices
- Leasing costs
Check Out Deduction Requirements
Before filing your taxes, you should consult with your CPA or tax advisor regarding yearly requirements, rules around deductible items and other tax issues. These can change year to year and make a huge difference in how you may handle your record management and operational processes. There’s still time left in this year to collect the requirements you need to get the most out of your tax returns this coming season!
Spend a Little to Save a Lot
Operational costs and truck maintenance will probably always be deductible for carriers. So, one of the easiest ways to lower your taxable income for this calendar year is to purchase deductible equipment and maintenance items that you will need anyway before December 31, 2019. The end of the year is a great time to do it! With inflated truck rates around the holidays paired with holiday promotional deals, it offers a great opportunity for carriers to take advantage of further tax savings.
There’s no better way to bring in the new year than with full tanks of gas, tuned equipment, and a full stock of parts and tires. Not only will you be setting your business up for a great start in 2020, you will be maximizing your potential deductions and tax savings. Make sure to reach out to your service representatives so that you can gain the most out of the 2019 season!
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The England Carrier Services (ECS) division offers a variety of services for carriers ranging from maintenance to support. As ECS members, carriers have access to nationwide discounts on fuel and tires from dedicated team members who are committed to finding the best price. ECS also provides factoring services with benefits such as same-day funding to a bank account or fuel card. These options allow carriers the freedom to focus on growing their business while saving time and money.