Will we lose per diem

Discussion in 'Trucker Taxes and Truck Financing' started by true122, Dec 2, 2017.

  1. W9onTime

    W9onTime Heavy Load Member

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    Wow there's so much misinformation in there it's hard to decipher , first the bottom 47 % of tax payers pay no federal tax , they only pay payroll taxes , social security and Medicare ,
    second there is no such thing as trickle down economics , that's an invented term by libs , the right term is supply side economics and it works when ever it's been tried , it's the basis of capitalism ,
    we will see what happens , my bet is it will work again , the economy will grow and we will make more money , and the precious revenue to Uncle Sam will go up too , contrary to all you will hear from the media
     
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  3. Cat sdp

    Cat sdp . .

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    Beware of a government bearing gifts.....


    144A6F25-DAC7-4E8E-93E3-288459CC0842.png
     
    Last edited: Dec 24, 2017
  4. Bean Jr.

    Bean Jr. Road Train Member

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    I heard on Landline now it wasn't true, so I stopped worrying about a while ago.
     
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  5. BoyWander

    BoyWander Road Train Member

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    I was under the impression that per diem was a business expense, so you could take your personal exemption, standard deduction, AND the per diem of 80% of $63/day.

    I am in the process of forming an s-corp and am paying myself a salary of $50k/year. I wonder how it will be affected now. Since it's a pass-through entity for tax purposes, I wonder how this will work.

    80% of $63/day is more than $12000 at 240 days, or 34 weeks. So if you're spending more than 238 days when you're not sleeping in your own bed then you're probably losing some deduction there.
     
  6. STexan

    STexan Road Train Member

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    My company seems to be under the impression the standard meal allowance deduction is going away [based on a letter they sent out to company drivers]. So they are offering a per-diem package OPTION as a compromise.

    Would really like to see in print in the bill where this standard meal allowance is going away or not. And if it's going to apply to 2017 tax year or not until 2018 tax year.
     
  7. Brandt

    Brandt Road Train Member

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    If your a company driver you lose the ability to itemized you tax return that we're per diem was listed. You only get the standard deduction of $12,000 single I believe. But if your company pays per diem you get at tax deduction every week. Then at end of the year you also get the standard $12,000 tax deduction ! Say you make $50,000 you per diem might be $15,000 so you company hopefully pays it now so that takes you 50,000 down to $35,000 then you get $12,000 standard deduction that bring your taxable income down to $23,000. That's good deal. If you company won't pay per diem then you kinds screwed because I think you $50,000 -$12,000 mean you paying taxes on $38,000

    If your O/0 nothing changes because they have itemized tax deduction still
     
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  8. laaylor

    laaylor Road Train Member

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    I honestly don’t think you are correct on that...
     
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  9. laaylor

    laaylor Road Train Member

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    Transportation industry was somehow carved out and my accountant said we are still able to claim our per diem either thru claiming it thru your company or the 80% yourself on a schedule: (something or other) lol.. I forget the stupid number... Landline Now also is saying we were carved out of the loss of per diem..
     
  10. Brandt

    Brandt Road Train Member

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    What part is wrong? I hear we lose the itemized option for company drivers we can't deduct anything from what I hear. That why they raised to stand deduction.
     
  11. Brandt

    Brandt Road Train Member

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    You can claim it thru the company by them paying it from my understanding.
     
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