It's time to start thinking about taxes again. There are several changes in tax laws that will take effect this year. Here are highlights of those that will have the greatest impact on the trucking industry:

Self-employed Health Insurance Deduction: This deduction has increased to 70% of the amount you paid in premiums during 2002. This is a 10% increase over last year. If you've been thinking about buying health insurance, now is a great time. A major illness without it could be financially devastating.

Standard Mileage Rate for Business Travel: The rate is now 36.5 cents per mile in 2002, up from 34.5 cents per mile last year. (In most cases the actual expenses for fuel, repairs, tolls, scales, etc., will yield a higher deduction than the 36.5 cents per mile rule.)

Per-Diem: For workers who come under the "Hours of Service" limitation (trucking comes under this rule), in 2002 you can deduct 65% of your meal expenses for travel away from your tax home. This is a 5% increase over last year. This deduction will gradually increase to 80% by 2008. In addition, the trucking industry falls under the "Special Rules for Transportation Workers" which allows for averaging of the per-diem rate. The rate for 2002 is unchanged at $38 per day for travel inside the United States and $42 per day for travel outside the United States.

Child tax credits: If you have a child who is under the age of 17 at the end of 2002, you may be able to claim the Child Tax Credit and/or the Additional Child Tax Credit. The total of these credits cannot be more than $600 for each qualifying child. (Check with your tax preparer to see if your child qualifies.) The Child Tax Credit is a deduction from the amount of tax you owe. If you do not owe any tax, you can not take this credit. The Additional Child Tax Credit is a refundable credit. In other words, you could qualify for a refund even if you do not owe any taxes.

Student Loan Interest: If you paid interest on a qualifying student loan, you may be able to deduct up to $2,500 of that interest. This is unchanged from last year. Be sure your tax preparer gets your 1099 student loan interest statement at the end of the year.

Standard Deduction: The standard deduction for 2002 has been increased for every filing status. Here's the breakdown:

• Married filing jointly or qualifying widow(er) – $7,850 (up from $7,600)
• Head of Household – $6,900 (up from $6,650)
• Single$ – 4,700 (up from $4,550)
• Married filing separately – $3,925 (up from $3,800)

Exemption deduction: The deduction for exemptions is $3,000 for 2002, up from $2,900 last year.

Here's a list of the most common mistakes people make in preparing their taxes. They not only cause frustration, they can also delay processing of your tax return and could cost you money:

Don't forget to enter your Social Security number (SSN). To protect your privacy, SSNs are not printed on the peel-off label that comes in the mail with your tax instruction booklet. This means you must enter your SSN in the space provided on your tax form, making sure you enter it correctly.

Make absolutely certain all Social Security numbers on your return are correct. Nothing will kick your return out quicker than incorrect SSNs.

Filing status errors occur often. If you are married, you have two choices: Married filing a joint return, or married filing separately. If you and your spouse are filing separately, the spouse claiming the children cannot file as head of household. Once again, you have two choices: Married filing separately, or married filing jointly. Head of household is reserved for singles with eligible dependents.

If you received an envelope with your tax package, don't be afraid to use it. All those numbers by your name have absolutely nothing to do with targeting you for an audit, or any other sinister reason. They will, however; help speed the processing of your return and refund.

Child Care: When claiming the child care deduction, remember to include the full name, address, and EIN or SSN of the caregiver. Forget this, and the entire tax return will be sent back to you for correction. Another six weeks lost waiting for your refund!

Contributions to your IRA must be made by the due date of your tax return. Contributions can be made to your traditional IRA at any time during the year up to the due date for that year, not including extensions. For most people, this means contributions for 2002 must be made by April 15, 2003.

Contributions made to a Simplified Employee Pension (SEP) must be made by the due date for that year including extensions. For most people, if you file an extension, you would have until Aug. 15, 2003. to make your contribution.

Getting an extension is sometimes necessary and will give you until Aug. 15th to file your return. However, it is important to remember that this is not an extension to pay any tax owed. It is simply an extension to file the actual return. Your estimated tax liability must be paid when you file for your extension or you could be fined and assessed interest on the unpaid taxes.

To find out about the services offered by Blair Tax Consulting check out their Web site at www.blairtax.com or give them a call at (800) 882-5247.