I have heard that company OTR drivers get $65 per day tax break that they spend on the road if they do not opt for company per diem. I would think that this could end up in huge tax returns... I am just curious if this is true. Can I expect to start getting pretty big tax returns or has someone been pulling my leg, so to speak.
Large income tax returns
Discussion in 'Questions From New Drivers' started by foukemonster, Jul 27, 2014.
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I think it is 80% of $59 per day that you are out. I don't know about that big tax return thing.
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It's 80% of that.
For the days you're away from home.
And don't expect to be getting large tax returns all of a sudden either.
Edit
Best way to get a big ### Tax Return... Get busy
. Have lots of kids. -
Do a search for per diem and you'll find lots of threads with details but yes you can deduct 80% of $59 for each full day and 60% for a partial day (start or end in home of record).
IMO a large tax return is a sign of poor financial management. You should be adjusting your with holding so that any return is less than $1,000 or you have to pay in less than $500. That way you have access to YOUR money all year instead of giving an interest free loan to the government.navywill, double yellow, Tonythetruckerdude and 5 others Thank this. -
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I appreciate the info you all have given me. After 22 years as a chef I begin my driving career tomorrow morning. Day one of orientation, I am very excited about being a driver and have found so much helpful information on this site, thanks goes out to all of you helping us FNGs out.Chinatown Thanks this. -
Depending on your tax situation the standard deduction may be more than the $59 per day deduction.
double yellow Thanks this. -
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Thanks again for all the advice and info. -
Which company will you drive for?
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