Per diem will i owe taxes?

Per diem makes your taxable income lower. So taxes are lower.

 

Don't know I don't get it. If your in the U.S.A you will also pay less to social security. Which could be good or bad.

 

Talk to a tax professional.

With the tax law changes, this may not be applicable any more.

 

Use loose.
Its reduces your unemployment benefits if you wind up on it.
It also reduces your contribution to s.s.
It will also reduce the amount that you'll qualify for a loan you may want , like a home mortgage.

 

Not true on the loans. Per Diem is considered as income for loan purposes. And if you're relying on social security for your retirement income, then you're a fool.

 

Your wrong it is no longer considered income. This practice stopped after the crash in 08.

 

Doing per diem through your check increases income by getting a portion of your mileage pay untaxed, the other portion taxed. Example, you get paid $0.42 / mile. You might get $0.31 / mi taxed, with $0.11 / mi untaxed. Which increases net pay.

BUT... It disallows taking the standard daily per diem deduction when filing income taxes. So, therefore, you will likely owe come April 15. You will also take a hit on total contributions to things like social security and such. So, it's not always a good idea.

 

There is no more standard deduction.
Unless you are a business.