O/O tax write off

Their is a new $20,000 pass thru tax write off I believe you get as O/O. I could be wrong on that but I believe it part of the new tax laws.

 

No

It's 20%

 

The book “475 tax deductions for business and Self Employed”... is a good start to educate yourself and you won’t have to ever ask questions every tax year.

 

Yeah I don't know if I would play around with that one.

 

I have a question about per diem that is probably an easy one.

If you are on a 34 hr restart chillin' at the truckstop, does that whole day where you are logging off duty still qualify for per diem? What if you get stuck there for like 3 days, or a week? Do they ever get wise to that and just say "hey, this guy is living in the Loves parking lot!"

 

Dish soap, pens, paper.

 

Why would you log off duty?

 

because you have to be during a 34 hr restart?

 

I never log- off....just stay on personal conveyance.

 

It is a transfer of income, from business expense to personal income. This way you lower the self employment tax, and you get to expenses a portion of your property expenses. Install lights and a camera that faces the trucks so you can deduct a portion of your electricity bill. wash your trucks at home weekly, then you can deduct a portion of your water bill.

With the new tax reform, if your mortgages and interest payments are less than 12,000 then you wont be able to deduct them, but with charging yourself rent then you can deduct a portion of each on top of the 12,000 standard deduction. Extra deductions!