This is TRULY & GENUINELY the best tax advice that can be given on a public forum.
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The absolute sheer driving force of our national economy - without truck drivers, our entire national economy would come to an absolute standstill - if not outright be dead.
Over the mountains, through the woods, into the valleys, coast to coast, from sea to shining sea - truck drivers can and do go anywhere and everywhere, every day, every night, all year round.
1099 Tax question: Expenses
Discussion in 'Trucker Taxes and Truck Financing' started by Hello92, Sep 2, 2021.
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Since you don't own any equipment you don't really have anything to deduct. You're going to get royally screwed on your taxes. You'll also be paying an extra 15 percent in socialism taxes.
gekko1323 Thanks this. -
gekko1323 Thanks this.
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The answer is NO. Per diem used to be claimed under "unreimbursed employee expenses", but with the latest tax reforms which increased the standard deduction, deductions for unreimbursed employee expenses are no longer allowed. The same goes for sole proprietors. There's no place in the tax code where you can deduct per diem. Showers, meals, supplies, etc, yes, but not a flat per diem.
HOWEVER, if you form an LLC, then the LLC can pay you a wage as well as a per diem, and the LLC then deducts the wages and per diem as a legitimate business expense. This deduction alone will usually cover the expense of creating, maintanance and annual tax filing of an LLC.gekko1323 and bryan21384 Thank this. -
Everything I've read says we can deduct meals at a rate of $69 a day, and due to the China Virus, we can claim all 100% instead of the usual 80%. This was done last October. So apparently there is a per diem allowed SOMEWHERE.
ProfessionalNoticer Thanks this. -
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Old_n_gray Thanks this.
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