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Old 03.12.2008
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Tax Advantage pay plan
What are the beneftis of this plan? I own my house and live in Wisconsin, so "the chart" says that I should be on Tax advantage pay. So what's the word among driver about this plan?
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Old 03.13.2008
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I wouldn't do it just on principle. You take an 11.5 cent pay cut for 10 cents back cash. That penny and a half at 120,000 miles a year is an 1,800 dollar gift to the company. Sure you are saving on taxes by not paying social security taxes but every dollar you don't pay roehl doesn't have to pay either. This is why i don't see where they get off hitting you for the extra 1,800 bucks a year. This also lowers reportable income so any loan app. will not include per diem money. The bank won't count it as income. I have spoken with drivers at other places that get a per diem pay and non report their company hitting them for an additional amount so it isn't an idustry standard.
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Old 03.13.2008
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Thanks a lot!
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Old 04.07.2008
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It depends. Your take home pay on the tax advantage will be more because you are paying less taxes. In the long run it is probably better to not take the per diem because you are putting less into social security. If you are trying to pay off debt though it might be wise to do the tax advantage and put the extra take home pay towards the debt.
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Old 04.07.2008
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Bearsox call your CPA!
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Old 10.01.2008
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Originally Posted by Brickman View Post
Bearsox call your CPA!
So, do you think the 1.5 cents less per mile is worth it? I talked with a relative that works for a national tax prep company and she said that we can claim the per diem at the end of the year when we file our taxes whether the company offers per diem pay or not. What would be the difference in taking the per diem now and taking it at the end besides getting a bigger check all year or more on our tax refund at the end? Is there any benefit for one way over the other? Not all companies offer it so I'm really curious how the truckers working for other companies feel about per diem.
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