Per Diem lost..Companies need to pay up

Remember though, your first 20,000 is tax deductible.

 

Could u please elaborate? I'm goin on how my tax guy explained it to me....
Thanx

 

I took that into consideration when i showed per diem plus 6k versus no per diem and 12k

 

even when i ran the road years ago, and got the per diem, i still made out better with the standard deduction back then. yes itemizing can be of a benefit to some, to me, it did not work out.

like someone above said, the standard deduction goes up this year.

as far as more money to be paid to the drivers?

maybe a tad bit more, but nothing spectacular, to get drivers to jump ship.

sure, company x maybe paying (say) 10¢ more per mile than the employer one is at now, but how much sitting time is going to be happening? or how many miles will one get with a "higher" pay rate?

it's all a farce, always has been, always will be.

 

Is it something that needs to be worried about for taxes THIS year.

I don't see how they can change things around that effects us from the past. Going forward yes but not the past when we had a different table we were taxing under.

 

People are missing the the new tax law that say as company drivers we are losing Unreimbursed employee expenses on the form. They did no stop per diem, we just don't have a form to claim it on. Remember we are supposed to be able to files taxes on post card.

That why O/O can still claim it they have same forms as always. So a company driver now needs to have the company pay per diem. Then you get both ! The per diem and the standard deduction.

My company always had the option of them paying per diem every week or I could claim it myself at end of the year. I was claiming it myself, but for 2018 I told them to switch me over and have them pay it every week because their is no way or form for me as company driver to claim it anymore at end of the year.

 

If so, provide a link to any tax language that says this. Company driver or 1099 contractor, or owner-op, nothing has changed. I get that the standard deduction has doubled, and for those who don't stay out that many days each year, taking the standard deduction will probably be the best. However, for those cross-country OTR guys who stay out more than 300 or so days per year, they will probably be better off itemizing and taking the standard meal allowance [less 20%].

But regardless, nothing has changed for tax year 2017, and you have a year to figure out nothing has changed [for truckers] for 2018 tax year and beyond

 

We are getting paid for 2018 already so if you want the per diem as a company driver for 2018 taxes you need to switch now.

Company drivers could take hit from new tax law