‘Live From Exit 24’ navigates taxes and dissects recent House hearing
February 10, 2021
Making a complex process simple is the goal for Barry Fowler and Taxation Solutions Inc.
Fowler and OOIDA Executive Vice President Lewie Pugh joined host Mike Matousek to discuss taxes as well as Pugh’s recent House testimony on the Feb. 10 show.
Fowler, who also writes the “Trucking & Taxes” column in Land Line Magazine, stressed the importance of properly filing your taxes.
“If you or your tax preparer doesn’t fully understand trucking, you are not going to find every deduction available to you,” Fowler said. “We want you armed with the right information.”
Not thinking about everything in your truck is a common mistake, according to Fowler. Radios, calculator, paper, pen, tax services, fire extinguisher, chains and ice scrapers are just a few of the many often overlooked business expenses.
“If you overlook, it others might as well,” Fowler said. “Think about how you are using these tools. If you think about it like a business, you are going to find every deduction possible.”
Incorporation is another common tax question at OOIDA, according to Pugh.
“It’s not a simple yes or no,” Fowler said. “An LLC provides liability if you are hiring other drivers, but if you’re driving the truck, you are responsible. With everything you choose to do there is an additional expense. You have to make sure it’s going to save you more than you are going to spend.”
Fortunately, OOIDA members have access to tools as it relates to their taxes. They can call Taxation Solutions at 877-966-2477 for a free consultation, email Info@TaxationSolutions.net with questions or visit truckertaxtools.com to learn more. There is also a mobile app called Trucker Bookkeeping Tax Tools, designed specifically for truckers.
In addition, OOIDA’s Truck to Success is a three-day course for truck drivers considering making the jump to being owner-operators. The next Truck to Success course is planned for October. It also offers a wealth of tax information for owner-operators.
Listen to ‘Live From Exit 24’
Pugh opened the show talking about his recent testimony before the House Transportation and Infrastructure Committee.
“Our message was the same as before,” Pugh said. “We received a lot of good questions. The Zoom format did present some challenges. I like to be there in person, look them in the eyes, and it’s also a great chance to network when in Washington, D.C. We understand this gets frustrating, but if we’re not there, the only people they are hearing from is our opposition.”
OOIDA talk show
“Live From Exit 24” is scheduled for 11 a.m. Central every other Wednesday. Listeners can tune in to the show on the Live From Exit 24 website, OOIDA Facebook page or on OOIDA’s YouTube channel. The next episode airs Wednesday, Feb. 24.
“Live From Exit 24” launched as a way to expand OOIDA’s communication with members and to hear directly from drivers across the industry. OOIDA is asking for truck drivers to fill out a survey to let the Association know how you are liking the show so far. The survey is here. LL