Central Refrigerated Truck Stop

ChromeDome or anyone else who wants to explain - I have a few questions about the per diem.

I understand that "X" amount is held off and you get more $ back on your taxes BUT is it optional or mandatory? I mean I love to get $ back when I do my taxes but I also need to bring home a decent amount each week.

Thanks in advance...

 

With Central it is Mandatory!

 

Thanks jess

 

So does this per diem.. Have a negative affect on my taxes? Ill be going to file on my whole 12,584 that I made with central last year(just for 6 months) and I was hoping to atleast see a 1000 back.. As I'm holding 0 dependants.

 

Just an update on my way to training Greyhound sucks.... I wont get to SLC until 9:55am tomorrow. I was suppose to check in and things at 7am. Ehhh this sucks.

 

Doesn't per diem mean that they don't tax you on the 8 cent's then you have to report it as a 10-99 at the end of the year? I don't know never had to do that before.

 

The per diem pay plan reclassifies a portion of your paycheck as "expense reimbursement" rather than actual income. Therefore, your taxable income is lower. In return, this will affect many other benefits that are calculated off of taxable income such as worker's compensation, disability claims, unemployment benefits and the most important one...social security benefits.
Also, an important aspect to remember, is that by showing a lower taxable income, this could very well reduce your ability to secure loans at a decent rate, and to be able to obtain credit. This is because, of course, that banks and lending institutions look at your total income when basing their decision on extending loans and credit. Another important factor that could be disrupted by using the per diem, is any profit sharing plan your company may offer. Profit sharing plans are mostly based on taxable income, and any income tax savings you may receive from utilizing the per diem plan, would reduce your profit sharing contributions.

Great for the company but sucks for you!

 

Had a meat load out of Dodge City with a scheduled check in of 2100 sunday and available time of 0700 monday. So I check in at 1800 sunday and the load was ready 24 hours earlier! So I could have been home monday instead of wednesday! Arggghhh! If I had showed up on saturday it wouldn't have been ready till monday.

Just shows to go ya I guess.

 

Per diem can work in the favor of the driver if you are careful to keep track of the days you r away from home most states allow 53 bucks per day you are not at home. So if you are stuck somewhere on a reset or waiting to load or unload that is money they are not withhoilding because no miles ar involved therefore you can deducted from your earnings lowering your taxable income. So it is possiblen to get a return instead of paying just keep very good records. I can and am willing to give advice if anyone needs it. However this is advice is not professional just trying to help. I took some tax classes last year to to get the knowledge of this type of things. Taxes for truckers is very tricky if you have never done them and CPA can be very costly. All I ask in return is maybe a free lunch when you roll thru my part of town. Can't sleep so I thought I'd put my 2 cents in for what its worth!

 

With Central you have no choice about the per diem its Mandatory.

You can only claim 85% of the Per diem, this is from JJ's taxes last year since Lease Ops don't have to pay per diem.