2 Quick Tips to Lower Your Taxes
Here are two quick tips that directly apply to Truckers to help you save money on your taxes.
1. Manage your taxable income so that you end up in a more favorable tax bracket … A great example here would be getting needed repairs done on your truck or trucks. Are you close to needing an overhaul? Getting that done before the end of the year would lower your taxable income a good deal. Here are some great ideas on how to lower your taxable income.
- Overhaul your Engine
- Take your Twin Turbo CAT engine to a Single Turbo
- Replace those old shocks with a new set of RoadKing Shocks. These shocks won’t only save you in taxes, but they’ll save you in tire life, and quality of life on the road.
Call us today if you know you need our services and want to keep more of your money from Uncle Sam. 972-590-8565
2. Write off your health insurance premiums. We’re not a fan of the Affordable Health Care Act, and we know that many of you are paying high premiums. Why not write them off at the end of the year. If you have an individual health plan (cannot be a group plan) and pay your healthcare premiums out-of-pocket (cannot be pre-tax) without tax breaks or subsidies, you can probably claim those premiums as an income tax deduction. In order to claim this deduction, you must be a sole proprietor, partners in partnership, or an LLC, or S corporation shareholder who owns more than 2% of company stock. An example … let’s say you are a sole proprietor and your business/personal income was $60,000 and your state and federal income tax obligations are around 30%. If you spent $10,000 on health insurance premiums for you, your spouse, and your dependents, you can deduct that to make your total income $50,000 instead of $60,000, saving you around $3,000 in total income tax payments. Here’s a link to more from investopedia.