Truck Topics

Tax Time Tips for 2004

By mid February you should have received all your tax documents. If you don't, start making telephone calls to request copies of any missing information. You should have also gathered all your business income and expense information needed for tax preparation.

For some of you it's difficult to get this tax information together.  If you are one of these people, you should gather all your business paperwork and send it to your tax preparer so they can compile the proper records to prepare a return that accurately reflects your business activity for the year.

For those of you who just need a little help gathering paperwork, you should be able to use the income tax organizer provided by your tax preparer as a guide of what to get together.  If you do not have a tax preparer you are welcome to call our office and get a tax organizer specific to trucking.

Getting your tax return done on time saves you the cost of needless penalties. Having a professional prepare your taxes saves you from over paying your income taxes, especially when using a preparer that specializes in trucking.

Tax Tips
April 15 is the last day to make IRA contributions for the 2003 tax year. This applies to both regular and Roth IRA's. Maximum contributions for 2003 are $3,000 for those under 50 and $3,500 for those 50 and older.

The percentage of self-employed health insurance that is deductible as an adjustment to income is 100% for 2003 and thereafter.

Per diem rate for travel in 2003 is $40.00 for January 1, 2003 through October 31, 2003 with an increase to $41.00 starting November 1, 2003. The current per diem rate for 2004 is $41.00 with the allowable deduction increasing to 70%.

Estimated Tax Payments
Don't get caught off guard. Remember, April 15 is also the due date for your first quarter estimated tax payment for 2004. The remaining due dates for estimated taxes are June 15, 2004, September 15, 2004 and January 15, 2005

This article has been presented by PBS Tax & Bookkeeping Service, a company which has been providing income tax and bookkeeping services to the trucking industry for over a quarter century. Contributions to this article were made by Shasta May, Director Business Development for PBS.  If you would like further information, please contact us at 800-697-5153.  Visit our Web Site at www.pbstax.com.

Everyone's financial situation is different.  This article does not give and is not intended to give specific accounting and/or tax advice.  Please consult with your own tax or accounting professional.