My Poly Trucking experience
Discussion in 'Motor Carrier Questions - The Inside Scoop' started by majestyk, Jun 15, 2016.
Page 23 of 33
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But Per Diem as in tax deductions for truckers isn’t going away. I will still claim 63.00 a day for everyday I’m out here.iraqralph43 Thanks this. -
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Tax bill likely sunsets meal per diem for drivers, cuts rates across the board
The tax reform bill likely to be signed into law by President Trump this week or next is expected to be the end of the daily $63 per diem deduction allotted to truck drivers for on-road meal expenses, says ATBS president and CEO Todd Amen. However, he and his firm are still reviewing the details of the bill, he says, and expect to be able to speak more authoritatively in the new year about the changes it institutes.
Owner-operators will still be able to deduct meal expenses on their annual Schedule C tax form, due at the time of their annual filing, he says.
The axing of the per diem by Congress’ overhaul of the U.S. tax system, as with changes in other itemized deductions, is intended to be offset by a big bump in the standard deduction granted to all filers. That will increase to $24,000 from the previous $12,000 for married couples filing jointly.
“There is no need to itemize” the per diem deductions after the bump, says Amen, “because they’d still probably be below the standard deduction.” The standard deduction for single filers will jump from $6,300 to $12,000. What’s more, the child tax credit – an amount subtracted directly from parents’ tax bills, not their taxable income — will be doubled to $2,000 per child. However, the bill eliminates the $4,050 personal exemption afforded by current tax law
Tax bill likely sunsets meal per diem for drivers, cuts rates across the board
( My personal Tax man confirmed that the $63 a day is going away , other than that he
was still studying up on the new rules as they become available , the increase in personal deduction will offset some of the loss ) -
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