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Trucker Taxes Discuss taxes specifically related to truckers and the trucking industry here. Owner Operators have some hard decisions when it comes to tax time, but so do company truck drivers. Give us your hints here! STOP Uncle Sam from ravaging your wallet.

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Old 03.10.2008
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Ok, here's my first question but after reading a bit more confused on this per diem. My husband drives for company, flatbedder, gets 28% of the load. The company pays a per diem, they take the taxes out of the weekly load and then add in the per diem... I have read where company per diem is not a good thing and seems like it to me also, wondering about the right offs?? One of my questions is why is it not good and second question is... how are we supposed to file on this or what deductions...
Rambling I am, I know, but my mind is not bending around this..lol
Any info would be appreciated...


Thank you
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Old 03.10.2008
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Quote:
Originally Posted by Skateboardr'swife View Post
Ok, here's my first question but after reading a bit more confused on this per diem. My husband drives for company, flatbedder, gets 28% of the load. The company pays a per diem, they take the taxes out of the weekly load and then add in the per diem... I have read where company per diem is not a good thing and seems like it to me also, wondering about the right offs?? One of my questions is why is it not good and second question is... how are we supposed to file on this or what deductions...
Rambling I am, I know, but my mind is not bending around this..lol
Any info would be appreciated...


Thank you
If you will get TurboTax Home and Business it will walk you though each step including whether you work under HOS laws, perdium, itemized exspenses, etc. Or get a CPA and let them do it.
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Old 03.10.2008
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Thank you, that's what we have gotten, just wanted to cover the bases so I don't second guess my first or third guess...lol Thanks again
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Old 03.11.2008
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Hi Skateboardr'swife, Hope you found that information helpful.
Best wishes.
__________________
MY truck is my home and my office!!
When you turn off the power in yours, I will turn it off in mine!! Stop the stupidity! Stop in-humane Anti-idle laws..
Write the ACLU, OSHA & Comigress
===========================
Just becasue its "legal" doesn't mean it's safe! I know when I need to sleep and when I am safe to drive. Fight the HOS. Write your Congressman.
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Old 03.12.2008
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Yes, Yes, and Yes, got all my paperwork together, turned it in and rewarded myself with a MilkyWay Bar to celebrate! Bought you one also but had to eat that too so it didn't spoil Thanks alot
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Old 03.16.2008
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Quote:
Originally Posted by Skateboardr'swife View Post
Ok, here's my first question but after reading a bit more confused on this per diem. My husband drives for company, flatbedder, gets 28% of the load. The company pays a per diem, they take the taxes out of the weekly load and then add in the per diem... I have read where company per diem is not a good thing and seems like it to me also, wondering about the right offs?? One of my questions is why is it not good and second question is... how are we supposed to file on this or what deductions...

I spoke with my boss and asked if per diem were a possibility to exempt some of the compensation from personal income taxes. He replied that he had indeed paid per diem in the past, BUT some of the drivers complained that since the per diem was not reported as income, it reduced the amount of reported income/wages that could be used to secure a loan, such as a home loan, auto or boat loan, etc.

So he eventually did away with per diem payments and instead folded the monies into the paycheck as wages.
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