2018 Tax Act

Discussion in 'Trucker Taxes and Truck Financing' started by Touch Freight Freddy, Apr 7, 2022.

  1. Touch Freight Freddy

    Touch Freight Freddy Light Load Member

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    I've been fastidiously documenting all non-reimbursed expenses, especially when hiring third-party labor (lumpers), but I am a W2 employee driving company trucks.

    I pay for labor, fuel (although the first tank is on the company), uniforms, dry cleaning, and my own tools.

    I read up on the 2018 tax act and unless I'm interpreting incorrectly, I may not be getting any of that back?

    Should I continue documenting expenses, or am I a fool in a man's shoes and should stop wasting my time?
     
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  3. LtlAnonymous

    LtlAnonymous Road Train Member

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    You're a W2 driver not getting reimbursed for lumpers?
     
  4. LtlAnonymous

    LtlAnonymous Road Train Member

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    Wait. You pay for fuel? Wtf is this company?
     
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  5. Touch Freight Freddy

    Touch Freight Freddy Light Load Member

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    My paychecks make it worthwhile, and I can always get an advance, but technically no I don't get directly reimbursed.
     
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  6. D.Tibbitt

    D.Tibbitt Road Train Member

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    if you are w2 employee you wont be able to write off any expenses for work. why are you paying the companies bills as an employee?
     
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  7. LtlAnonymous

    LtlAnonymous Road Train Member

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    Just so I can wrap my head around this, can you please give me an idea of what level of income we're talking to make it worth your while?
     
  8. Touch Freight Freddy

    Touch Freight Freddy Light Load Member

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    Ex.: This job I'm on now will net me ~$1500 for 3 days of work, post tax.

    I haven't posted here in a while, but I drive for an Atlas Van Lines agent.
     
  9. Brandt

    Brandt Road Train Member

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    Your not a w-2 you are really a 1099 independent contractor if you are paying labor or fuel or anything for the truck. I'm w-2 and don't pay anything to operate the truck and definitely not for fuel. That's my companies responsibility. They pay for truck washing and parking and windshield washer fluid. They pay for everything. They even pay me detention pay if I'm not loaded or unloading with in 1 hour. Plus they pay for lumpers if needed.

    Under the new tax law W-2 don't get any tax deduction like we could if the company did not pay for something. Instead we get the new $12,550 deduction vs the older one of $6,300. Some say truckers lost some when they changed the standard tax deduction and no write offs but that was basically to make taxes for most W-2 very simple. So if your paying for fuel that's not good.

    You should change to 1099, or really find a real driver job that's w-2 or 1099.
     
  10. Touch Freight Freddy

    Touch Freight Freddy Light Load Member

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    Eventually, I intend to be an owner-op on 1099. For now, I need a company truck to make work happen.

    My net is sufficient, even if I don't get a tax refund. Which it sounds like I won't.

    Bummer, but not a dealbreaker.
     
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