I'm wondering whether to get a tax guy as a 1st year driver as well.
Because I get per diem as well. On my pay stub my company issues me the per diem for each day I work. On my last trip of the week, my company takes away the dollar amount for per diem labeled as "per diem deduction".
They then give me back the exact dollar amount that they just deducted a few lines above, labeled as "per diem reimbursement".
So, for example:
Per diem deduction: $450
Per diem reimbursement: $450
So I never actually receive an extra $450 in the end per week on my check. They deduct it then give it back to me. And from what I understand, that first $450 that I earned doesn't get taxed at the fed or state level.
Anyways, seems confusing to me. Not sure if there's a single simple line to fill out for the per diem or if I should just get a tax guy to fo it.
Taxes as company driver
Discussion in 'Experienced Truckers' Advice' started by Upinsmoke, Nov 7, 2019.
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You can deducted a lot of things and it adds up.Upinsmoke Thanks this. -
Did you purchase a cooler? A inverter? The list goes on.Upinsmoke Thanks this. -
I just went to the CPA this week to see where we were at.
In his opinion, the tax changes created about 25% more labor for him, and the benefits applied mainly to the upper crust of his clients.loudtom, Upinsmoke, tscottme and 1 other person Thank this. -
If you don't meet your standard deduction.
There's nothing to deduct.
And didn't the IRS do away with per diem.
And from the sounds of things. Housing was also taken away. From what I've been hearing from cpa and family.Upinsmoke, tscottme and blairandgretchen Thank this. -
Bean Jr., Upinsmoke, tscottme and 1 other person Thank this.
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Upinsmoke Thanks this.
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mustang190 and Upinsmoke Thank this.
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So if a company still does the per diem.
How does that work out when filing?
I would think you'd have to pay the taxes on that which your company isn't paying.Upinsmoke Thanks this. -
Started here in March and so far have made $40,000 regular pay, bonus, etc.
Plus an additional $10,000 in per diem pay which only shows up on my pay stub.
It's tax free income.
The employer now gets the additional benefit of not paying me ss earnings on that money.tscottme Thanks this.
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