Returns, happy and not so

This is shaping up to be the year of many possible tax changes for trucking — good, bad and questionable. In fact, some have already occurred. When the new calendar went up on the wall, the “wage base” (maximum amount of taxable wages) for social security rose, while the mileage reimbursement rate for business use of a personal vehicle dropped from 36.5 to 36¢/mile. Perhaps most important for carriers facing losses, a temporary expansion of net operating loss carrybacks from two years to five expired. Congress passed the provision as part of last year's “stimulus” bill but made ...

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From the Print Issue

November 2009

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