Per Diem lost..Companies need to pay up

This is true and if your company driver not married all you will be able to deduct is 12000

 

$63/day is correct but you can only take 80% of that as a truck driver, 50% non truck driver. Not sure how taxslayer does things, but HR block software handles it correctly

 

Form 2106

 

I talked to my accountant on this a few WEEKS ago, she said the same thing regarding these deductions, as our industry falls under a completely different section of IRS code/rules. And I know everyone has been reporting that company driver deductions are going away, but like STexan said, there is a carve out. My accountant also stated that if this per diem loss were true, others would lose this deduction too, like oil field workers and such that travel and work for a living, blue collar work. She said no changes there either. These cuts only applied to the white collar guys in certain categories. I'll give her a call again and see if this has changed. Her firm handles more than a few trucking companies, medium sized outfits with hundreds of drivers. I would expect her to know the truth.

 

Ok, I shot off an email to my accountant...

This is the firm she works for, https://willispc.com

They have been around for many years and handle trucking companies along with multiple other businesses. They have accounts nationwide. Not a fly by night outfit or some gal that pops up in the truck stop once a year to do taxes. I would expect them to know the truth regarding per diem.

Let's clear this up, because I want to know too.

 

Unreimbursed employee (schedule a) expenses - which includes the standard meal allowance - are eliminated for 2018. If you are an independent contractor, you can still claim it on your schedule c.



What Your Itemized Deductions On Schedule A Will Look Like After Tax Reform

 

No matter how I look at it this is a tax cut in wolfs clothing for many of us
Right now I get 6k standard deduction plus 15k+ in perdiem(@300 days)
Which is 21k in deductions
So even paying 3% less in tax.....
21k is still way more than 12k

 

Don't forget standard deduction doubles next year.