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The recent “State of Freight” webinar shared positive news for the freight industry. Craig Fuller of Freight Waves and Zach Strickland, Head of Freight Market Intelligence, highlighted key trends shaping 2024, giving trucking companies a reason for optimism.
- Positive Earnings & Peak Season Trends: Companies like Triumph reported strong market responses in early July, and summer peak season volumes exceeded expectations, signaling sustained demand.
- High Import Levels: Near-record import volumes from China, particularly at major ports like Los Angeles, indicate strong Q3 and Q4 growth for freight.
- Reduced Capacity & SBA Loans: With many small carriers exiting due to rising costs and loan repayments, the market is becoming more balanced, boosting pricing power and profitability for remaining carriers.
The positive outlook makes this a good time to plan for tax efficiency. Here are some strategies:
- Capital Expenditures: Investing in trucks or technology may qualify for bonus depreciation, reducing taxable income.
- Section 179 Expensing: Deduct the full cost of qualifying equipment purchased to expand operations.
- Fuel Efficiency Credits: Tax credits can offset costs of fuel-efficient or alternative-fuel vehicles.
- R&D Credits: Qualify for tax credits if investing in logistics tech or process improvements.
- Cash Flow Management: Accelerate deductions and optimize tax payments for smoother cash flow.
With the freight market trending up, taking these steps can position your business for growth. For tailored tax guidance, contact G&S Accountancy—our experts are ready to help you optimize your strategy and achieve your goals.
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