Will we lose per diem

A real pain in the ###. Was never a real benefit for us 1 man shows before, but now it might be. More research needed.

 

Yes. The administrative aspect of a C Corp. can be expensive and also frustrating to deal with in general. It certainly makes sense in many situations, but I would be surprised if an individual operating only one truck would find it beneficial, even with the changes that are being made under the new tax code. I'm sure that someone will explore the alternative and share the information.

 

Well, as I said, that's typically healthy eating for a lonely, single guy like myself whom's avoided like the plague!! LOL!!

 

I'm still itemizing and no per diem at my carrier. I'll do 350 days out @ the Standard Daily Meal Allowance rate, plus another roughly $2,000 in hotels and various other deductible items. So bottom line is, this "tax overhaul" means nothing to me. The whole bill seems to be smoke and mirrors and taking from one pocket and putting it back into the other pocket.

 

I'm wondering if some people are confused. I have never itemized, I have always taken the standard deduction. I have also taken the per diem on schedule c even when I was a company driver. My mother prepared my taxes, and she has been doing so both professionally and volunteer since the 1950s when she worked for a trucking accounting services. Based on this, and though I have seen experts say incorrect things, it doesn't sound like the deduction will be affected.

 

Will the S Corp be good to do for the new tax plan? I really need to talk to the CPA.

 

Even if you take the "standard" per diem deduction, you still have to itemize. If you're filling out schedules, chances are you aren't just taking the standard deduction available to all filers.

Not saying your mom is wrong, or that you'very misunderstood something, just that every cpa I've talked to says you have to itemize your return in order to take the standard meal/lodging deduction.

As to whether or not per diem will still be around after the first of the year - who really knows? I doubt anyone has truly read thru and gamed out the entire bill, not in the 60 odd days from creation to passage. We'll see what happens, but from what I've read most line item deductions for individuals are gone.

 

Could be. In the last 6 years of filing, I've been an o/o. Just last year I wasn't.

 

Car insurance is only required if you own a car. You are not required to own a car. So not a apples to apples comparison .

 

Enjoy your kick.