understanding taxes

May 2005
Overdrive;May2005, Vol. 45 Issue 5, p52
Trade Publication
The article focuses on issues related to the taxation of truck owners-operators in the U.S. The law provides for certain adjustments, or subtractions, that leave a trucker with an adjusted gross income. This is the first reduction in the amount on which he is taxed. Automatic adjustments, subject to some restrictions, include — contributions to a retirement plan, such as an individual retirement account, a Keogh plan, a Simplified Employee Plan or a SIMPLE IRA and contributions to a medical savings account.


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