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Thank you, that’s good info. Maybe every state should have that Mississippi law, it just makes sense. Many states, like NC tax you even on your vehicles.
Tax bomb ?
Discussion in 'Trucker Taxes and Truck Financing' started by Blackfly, Apr 14, 2018.
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As a company driver, I found I'm going to have to raise my weekly tax withholding a bit. I owe $2,000 for 2018. Overall, my federal tax is more or less the same as 2017. However, for most of 2018, I participated in the company's per diem plan which amounts to 17 cpm non taxed. I only did this to help offset most of the loss of the standard meal allowance and hotels deductions I was using, but they're not withholding sufficient taxes to put me at about even come tax time [with the new metrics]
If I didn't participate in the company per diem plan, I would have really been screwed and my tax bill would probably be about $4,000 over and above what was withheld.
With the new tax law, I feel sorry for the company drivers who don't have a company per diem plan they can use to reduce their taxable income. The hard core OTR drivers especially are really going to get hammered this year if they itemized $20,000+ in meals and hotels and such in 2017, and now that's gone. -
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Most likely that is only the first of many times we will read or hear that story. Dem or repub doesn't matter, some one has to pay for the rich people tax cut. And it sure ain't gonna be the rich. (Tired of winning yet)?
dwells40 Thanks this. -
KB3MMX Thanks this.
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Per diem is also LESS than the daily deduction was. This wont be the last person you will hear saying they have to pay MORE,, and INCREASE the amount of taxes withheld.
That alone makes per diem a good deal for the company, But a bad deal for company driver.
How bad has been discussed many, many, times here on this forum.
Hey D.B. you ask how good or bad would things be with Hillary? The time machine hasnt been invented yet. So the world will never know.
But I imagine the tax code wouldnt have changed.
So the storm of complaints that started last month, as people realize they got screwed, when they file this year wouldn't exist.
Have a nice day, and bless your heart!Last edited: Feb 7, 2019
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Millions of Americans could be stunned as their tax refunds shrink
We are so gullible as a society. We take all that politicians say as truth and without question. Once I figured out what all deductions were eliminated and factored in the standard deduction increase, it didn’t take a lot of math to figure out we were being played for the morons we are.KB3MMX and gentleroger Thank this. -
except the tax rate reduction to businesses created a boom in frieght and increase in rates which most company drivers have had nice raises since the tax cuts .... the refunds are lower by 8 % for most people but the withholding is a lot less ..... it's kinda hard to give a tax cut on people that don't pay any taxes to begin with, ask yourself is the country any better off since the tax cut. a half a million manufacturing jobs have been created and wages are rising without DC interference, every manufacturing job will create a job in the service industry. the actual economy is better now than anytime in my lifetime, there is plenty of opportunities available for everyone that's willing to work for them . if you don't have a job and a good job it's your own fault. . too many people still look to big brother to take care of them or complaining about the rich but how would this country be if no body was rich
KB3MMX Thanks this. -
KB3MMX Thanks this.
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Tax code that a majority of tax payers don't understand ! More than a few IRS employees give wrong answers when questioned about tax code .
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