This is what I was referring to. At a previous co, I was cpm plus the fixed rate per diem. I used the per diem to cover my food expenses usually and then the rest went into the bank to cover other expenses at home, like towards rent.
My current co treats me very well, my pay is good as a flatbedder, but as anyone else who works their butt off, Im looking for more. If I can get a fixed rate per diem and it benefits my employer tax wise, even if it doesn't benefit me tax wise, the extra income in my pocket all year will benefit my family. Im of the thinking that I would rather pay in as little as possible all year and get as little as possible back at tax time because I dont need to give the .gov a free loan.
Im just trying to figure my best approach before I present it to the company owner.
Getting per diem above my normal pay
Discussion in 'Experienced Truckers' Advice' started by HillbillyDeluxeTruck, Jan 5, 2020.
Page 2 of 3
-
-
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
-
It is only 80% when you did it on your taxes too.
-
Your paying less in taxes, your Federal taxes, so if needed unemployment benefits will be much less same goes for if ever needed disability.
And in the end your social security will be lesskemosabi49 and snowwy Thank this. -
What you save in taxes by taking per diem will far exceed any other government reduced benefits. In fact, if you invested that excess per diem, it would far exceed SS or unemployment. Any time you can legally avoid taxes, do it.Opendeckin and Bean Jr. Thank this.
-
Right, I almost forgot it was 80% using “real” per diem also. Last time I did real per diem, it was $55 full day. That’s the problem with the mileage per diem. If you don’t run for a day, you don’t reap the benefit. Let’s say the truck is getting repaired and takes two days, you would still get the full per diem where as with mileage, nothing. A place I worked locally paid us the cash per diem up front, would deduct from the pay and then was deducted on the w-2 end of the year. That’s the best per diem administration I’ve ever had.Bean Jr. Thanks this.
-
Per diem doesn't apply anymore for W-2 employees.
-
Yes on your normal tax or as a1099. It's an over and above for the co.butyou have to watch them.as some shady ones will take it from you and then give it back if you stay out.
As taconic transport in Pittsfield ma does. The hole family is really shady. They are part of QUALITY CARRIER
But any how,just watch your self. -
Incorect. It just has to be company administered per diem, employees can no longer itemize when filing their taxes, that’s where you would have claimed perdiem in the past.Bean Jr. Thanks this.
-
Right. So a fixed rate per diem for every 24hr period Im in the truck. This obviously adds up to a decent amount throughout the year. As a W-2 employee, I will be taxed on that amount as income. But the tax implications do not outweigh the benefits of that extra $ throughout the year for me. It will not put me in a higher tax bracket, and I have 2 dependents I claim, which greatly reduces my tax burden.
-
mine is $25.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
Page 2 of 3