Filing deadlines for your 2003 tax returns are many weeks away, but you have only until December 31 to make some important money decisions. Here are steps truckers can take now to slash their 2003 tax bills:

Accelerate payments and defer income

Whether you're an employee or an owner-operator, speeding up payment of bills and deferring income are among the most effective ways to reduce current year taxes.

"Pre-pay as many of your business-related bills as possible by December 31," says Paul Rich, CPA, Siegel Rich Division of Rothstein Kass, Roseland, NJ. "Pre-paying your lease or loan payments and anticipating supply needs are effective ways to reduce current year's taxes."

If you don't have the cash to pre-pay outstanding bills, use your credit cards. The IRS allows you to take the deduction in the year of the charge.

Other possibilities are state and local taxes and professional fees. If you're paying estimated taxes, make your fourth-quarter state tax payment by December 31 rather than in January.

Take advantage of the new tax laws

The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), creates some significant business tax breaks, especially for drivers who operate their own rigs. The biggest improvement is the Section 179 deduction that allows you to take a per-year depreciation deduction on the cost of new and used assets purchased from now until 2005. The new law increases the maximum deduction from $25,000 to $100,000. Purchases made up to December 31 qualify for this huge tax break.

"In addition," says CPA Joel Maller, "anything over $100,000 is eligible for the new 50% bonus depreciation in 2003. Potentially, one could write-off $160,000 of a $200,000 truck in the first year, combining 179 on the first part plus normal and bonus depreciation on the second."

Also this year, off-the-shelf computer software is eligible for the Section 179 deduction. Don't forget that this is the first year a self-employed individual can deduct 100% of health insurance premiums.

Meals and incidentals

Don't forget the per diem allowance for meals and incidentals on overnight trips. Currently, you may deduct $40 per day without receipts. Check with the IRS for the latest rate and for high-cost localities that allow slightly higher rates. If you use actual costs, be sure to save receipts.

Save more for retirement

If you're not contributing the maximum to your 401(k) or other tax-deferred retirement plan, adjust your savings before year-end. If you're self-employed, open a tax-deferred Simplified Employee Pension (SEP) or Keogh plan by Dec. 31. You don't have to make your contributions until you file your return in April of 2004, but you must open the account by December 31 in order to get the deduction for 2003.

Purchases financed by loans or credit cards

If you bought any business equipment or supplies on your credit card or with a business loan, you may deduct those purchases this year even if you won't pay off the loans until later. While you're at it, don't forget to deduct any interest costs on the loans themselves.

You can't rearrange your business affairs to accommodate every twist and turn of the tax laws. Still, if you can cut just $1,000 off your tax bill each year and invest that in your tax-deferred retirement account, after 20 years you'll have an extra $60,000 in your nest egg. After 30 years, it will be more like $160,000 - all at Uncle Sam's expense.

Be sure to seek professional advice before acting on any advice you read here.