Company driver per diem

Yeah, we lost the per diem, technically..(company drivers) but they DID double the standard deduction to 24,000 for married filing jointly.
So, if you're married, you should roughly about break even after the new lower tax tables kick in.

What burns MY BISKIT.. is I've been spending 300 nights a year on the road to get all of these deductions that usually, with medical, mortgage interest, personal property, per diem, etc.. totaled a tad more than the 24k.
NOW.. Delores and Tom, that live next door and work at the saw mill, get the same farkin' deductions I get and I'm KILLING MYSELF working like a dog and they're going home at 330.

That's what has my teeth ground down to the gum line !!
Mad as a hornet!

 

Owner operator or company driver?

 

@BrandonCPA ... company.
As you know.. O/Os made out like bandits with the new tax deal... at least for the first 10 years.

 

They sure did if they chose the right tax entity.

 

Why? Do you live to work or work to live?

 

I guess that's subjective.
But, compared to the neighbors I made reference to that now get boucoup deductions like I got for my sacrifices of being gone, yet all they have to do is clock in and out at 7/330
and we're on exact equality... I have issue with it.
Perhaps this is the push I've needed to buy that truck.
I know what I'm doing.
I'm plenty business saavy.

 

Go for it. Run under your own numbers and get loads. I have a few drivers that do exceptionally well every year.

 

Do they make the same gross as you do to begin with?
Depending on what "mill" job you refer to, that $24,000 deduction doesn't mean much when they combined probably aren't grossing over the $60k+ you are likely making by yourself to begin with.

Maybe I am misunderstanding your concern.

Can always go for the gravy LTL linehaul, be home daily + weekends, & still be pulling in $80k+.
Company driver positions are not the problem, it's the type you choose that determines the viability.

Definitely is better for business owners starting this year though so the owner ops should be happy.

I have noticed the lower tax rate on every w2 paycheck since the beginning of the year & have no problem with the loss of perdiem option, it evens out in the end for me at least.

 

Well, I can think of 1major reason. When child support is based off of it.

Biggest scam out there.

 

That's fair... and that's true.
The 24k deduction will not likely mean as much to them as it does to me.
I actually had thought of that and wasn't just going off half ####ed without thinking.
My issue is with the generality of the deductions given, or lack thereof, however you wish to view it.

I, too, have noticed an increase in the net on my weekly settlement since week 1.

On a side note, I'm not so sure that ANY of the professionals know for certain if we'll lose that ability to deduct per diem on sched A in '18 or not.
I've listened to multiple reputable analysts say "IT'S GONE".
Then I heard a show with an ex IRS man with a Masters degree in taxation that studies tax case law and he said we will still be able to deduct it IF it's a bigger deduction than the standard given.
HEAD SCRATCHER.
I guess we'll wait and see the form.

If so, it's great news for single guys.
Pretty much a wash for MfJ's