The IRS considers the fiscal year for the Heavy Vehicle Use Tax (HVUT) to start July 1st, the halfway point of the year. The taxman wants to remind fleets that it is time to pay the piper for trucks that will be used in full this year. We hope this guide makes the experience of […]
,000,000 in trucks, has a 25% average tax rate, and generates 0,000 in income for the year, the maximum your business can claim in deductions is 0,000. Fortunately, the additional 0,000 in deductions can be carried over to the next year. Software must have non-exclusive use. Purchasing tax preparation software from a retailer is eligible […]
In what might be the largest business deal in the trucking industry that we will see this decade, Knight-Swift, one of the largest fleets in the nation, has decided to purchase U.S. Xpress, a smaller but still significantly large truck fleet, to the tune of $800 million.Acquisition DetailsKnight-Swift is acquiring the smaller company in the […]
Knowledgeable truckers know how to use Section 179 of the tax code to get a discount on their latest additions to their fleet. In this article we will go over things you should know about this trick for your truck, though understand that we are not tax lawyers.What is Section 179?Section 179 allows a business […]
Some causes are worth continuously fighting for. On the 22nd of July, Senator Todd Young (R-IN) introduced bill S.2435 co-sponsored by Senator Ben Cardin (D-MD) to repeal the Federal Excise Tax (FET) on new heavy-duty truck purchases. This is not the first time that the FET has been under scrutiny, but with senators behind it, […]
Hyzon Motors joins other trucking technology companies such as Nikola Motor Company, Hyliion, and TuSimple by allowing the common man to buy ownership in the company. Here is a summary of the venture and how it became public.DetailsHyzon (a portmanteau of “hydrogen” and “horizon”) Motors started as a part of Horizon Fuel Cells back in […]
We have written about TuSimple a few times before. Now they are increasing the stakes of their plans for autonomous trucking by having an Initial Public Offering (IPO) and allowing people to take ownership in the company. The Details TuSimple had its IPO on April 15th, of which it raised about $1 billion in additional […]
We did not want to write about this Traton-Navistar deal as it was in progress, but it appears that the negotiations have been finalized. Traton, subsidiary of the Volkswagen Group, is purchasing Navistar in its entirety.DetailsBefore the buyout agreement, Traton owned 16.7% of all common shares in Navistar, meaning that their purchase was not a […]
On October 28th, the Federal Motor Carrier Safety Administration held another virtual conference, this time regarding broker regulations. In attendance were representatives from the Transportation Intermediaries Association (TIA), Owner-Operator Independent Driver Association (OOIDA), and the Small Business in Transportation Coalition (SBTC). As you can imagine, the TIA wants fewer regulations, and the OOIDA and SBTC […]
Get Cash Back From the IRS 2020 has been a tumultuous year, to say the very least. Fortunately, the United States government has many programs in place to help provide relief for its citizens. One such example that is likely to get additional use this year is Section 179, a tax deduction for businesses to […]
We at TopMark Funding have talked about Nikola Corporation going public and how you can become a part-owner in the fledgling company. Now, it seems General Motors wants a piece of the action. The companies have announced plans to become part-owners of one another. The Details The companies became part-owners of one another by swapping […]
Here at TopMark Funding, we wrote about how we believed the coronavirus pandemic was ending soon. That article is almost two months old at this point, and the pandemic continues. The interesting thing is that despite all of the fear of the coronavirus pandemic for the past five or so months, the trucking industry continues […]
If you have been in the trucking industry long enough to have bought a truck, you know about the Federal Excise Tax (FET), a tax that was implemented in 1917 to help finance World War I and has been chugging along ever since, for well over a century by now!The FET adds 12% to a […]
The coronavirus pandemic sweeping the nation has taken its toll on the trucking industry, but the federal government will not let the industry collapse without a fight. Through the Payroll Protection Program (PPP), which is part of the CARES Act, trucking companies both big and small have applied for loans to keep goods moving, loans […]
With Tesla delaying the Semi for another year, it appears to be that the Nikola Motor Company (also named after electrical inventor Nikola Tesla) is the frontrunner to get a fully electric semi-truck to market. Their chances just increased immensely when they finished performing a reverse merger with VectoIQ Acquisition that will also raise at […]
