ExpeditersOnline.com The Expedited Freight Information Center

Becoming a successful expedited owner-operator isn't as simple as buying a truck and heading out on the open road to meet your financial goals. To be a successful owner-operator, you've got to think the way a successful owner-operator thinks.

President Bush recently signed the long awaited tax stimulus package which is designed to put money into the pockets of many Americans. This will be in the form of a rebate check. The checks will hit the mail late spring or early summer. The rebates are based on information reported on the taxpayers 2007 income tax returns.

April 15th has come and gone, it's the last day to make an IRA contribution (traditional or Roth). But your business can still set up a Self Employed Retirement Plan (SEP IRA) for 2007 until the extended due date of October 15th for individuals and partnerships, and September 15th for S-corporations. A SEP IRA owner may contribute and deduct up to 25% of compensation up to $45,000 for 2007.
Note: You do not have to wait until 2009 to start making 2008 IRA contributions.

The Federal tax return deadline for the 2007 tax year is Tuesday, April 15, 2008. An extension means that you are extending the filing of your income tax return until October 15, 2008.

Tax time is not only for gathering all your information for your 2007 tax return; it is also time to be planning for 2008. Tax time reminds people to be aware of their tax situation. With that in mind, the following are common questions that we get pertaining to taxes.

While business in the trucking industry overall was down about 2% in 2007 compared to 2006, a measure of the expedite business shows it did far better during the same time – although times are not as good as they once were.

April 15th is the last day to make an IRA contribution (traditional or Roth). But your business can still set up a Self Employed Retirement Plan (SEP IRA) for 2007 until the extended due date of October 15th for individuals and partnerships, and September 15th for S-corporations.

A SEP IRA owner may contribute and deduct up to 25% of compensation up to $45,000 for 2007.

Time for a reality check. Following three years of strong demand growth that led to higher volumes and pricing power for the trucking industry, demand began to wane in the latter half of 2006 and weakened further over the course of 2007.

The hoped-for increase in demand that many expected in the second half of this year never materialized, and demand in the peak season has been about as weak as the lackluster period last year.

Records help you document the deductions you’ve claimed on your return. You’ll need this documentation should the IRS select your return for examination.

Normally, tax records should be kept for three years, but some documents – such as records relating to a home purchase or sale, stock transactions, IRA and business or rental property – should be kept longer.

Marriage, divorce, financial support of a parent, cohabitation, birth of a child, adoption, death of a loved one – all of these changes have an impact on your income taxes. Be sure to consult your tax preparer if you have experienced any of these events in the past year.

Note: You are considered married for the entire year even if you get married December 31st.