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How Per Diem works now

Discussion in 'Trucker Taxes and Truck Financing' started by Farmerbob1, Jul 31, 2018.

Page 7 of 14
  1. Aug 4, 2018 #61
    06driver

    06driver Road Train Member

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    Incorrect. Once you no longer qualify for the "standard" deduction everything is open. That is what changed. No longer being able to itemize your deductions. You just need to find a method to necessitate itemization. Once you do all deductions count.
     
    06driver, Aug 4, 2018
    06driver, Aug 4, 2018
    #61
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  3. Aug 4, 2018 #62
    06driver

    06driver Road Train Member

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    Who in the hell is spending 320 days (or more correctly nights) on the road????

    Jesus christ man get a life. That is not living.
     
    06driver, Aug 4, 2018
    06driver, Aug 4, 2018
    #62
  4. Aug 4, 2018 #63
    Farmerbob1

    Farmerbob1 Road Train Member

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    What? Clarify. What you seem to be saying is that if you have a mortgage and a few kids, you can lie and say a 500 dollar per year near-hobby can allow you to take 18,000 dollars in deductions that would be illegal if you didnt have the mortgage and kids.

    If that's what you have been told by the person doing your taxes, then you better get a competent accountant to do your taxes this year, and re-do every year of taxes that your current tax preparer touched. Because if you get audited, the government is going to tear you a new ####### so big, you will be able to parallel park your truck in it.
     
    Farmerbob1, Aug 4, 2018
    Farmerbob1, Aug 4, 2018
    #63
  5. Aug 4, 2018 #64
    06driver

    06driver Road Train Member

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    Nope. And yes I am sure. Little more than $500 however.

    See the thing is (as I have explained for the third #### time now) either you take the standard deduction or you have a business that requires itemization.

    Nothing illegal about it. Just following the tax code as written.
     
    06driver, Aug 4, 2018
    06driver, Aug 4, 2018
    #64
    kemosabi49 Thanks this.
  7. Aug 4, 2018 #65
    MysticHZ

    MysticHZ Road Train Member

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    Not really how it works ... You need a separate schedule c for each line of business ... Now you may get away with adding a few hobby expenses to a major business ... But you're not going to get away with an HOS deduction on a hobby business. And it is specified as an HOS deduction on schedule c.
     
    MysticHZ, Aug 4, 2018
    MysticHZ, Aug 4, 2018
    #65
    Farmerbob1 Thanks this.
  8. Aug 4, 2018 #66
    Farmerbob1

    Farmerbob1 Road Train Member

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    What you seem to be suggesting is that you can deduct per diem generated as a result of work done while earning w2 income against the earnings of a small business that is either not related to the per diem expenses, or with income far less than the per diem expenses.

    In either case you are playing with fire, and the IRS will make your life a living hell if they choose to audit you.

    And, if I were the IRS, I would be paying very close attention to people claiming per diem expenses in odd ways in the first tax year when per diem expenses are no longer claimable by w2 wage earners.

    Especially if those w2 wage earners claimed per diem expenses last year.

    I doubt you will listen, but I strongly suggest you consult a tax professional, or a different tax professional if you are getting this advice from someone who should know better.
     
    Last edited: Aug 4, 2018
    Farmerbob1, Aug 4, 2018
    Farmerbob1, Aug 4, 2018
    #66
    McCauley Thanks this.
  9. Aug 4, 2018 #67
    06driver

    06driver Road Train Member

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    Nope.

    Listen very carefully. When you file your taxes you can either itemize your taxes or take the standard deduction. Not both. As I have reportable income that also has itemized expenses (selling fees, gas and maintenance for lawn mowers, shipping expenses etc etc etc) related to that business I must itemize.

    The only items you can itemize and claim standard deduction are home mortgage, SALT has been capped at 10k, and medical dental stuff.

    Once ai have to itemize the expenses it allows me onto schedule c and I can do my own per diem.

    Man no wonder H+R Block stays in business. You people just don't get it
     
    06driver, Aug 4, 2018
    06driver, Aug 4, 2018
    #67
  10. Aug 4, 2018 #68
    tallmon

    tallmon Medium Load Member

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    Hi, a few questions because a few of my crew are overnight guys and in CT they are effectively losing perdiem because of the new property tax deduction cap.

    How do you come up with 0.16 cpm per diem?
    How does it show on your pay stub? Like expenses reimbursement?
     
    tallmon, Aug 4, 2018
    tallmon, Aug 4, 2018
    #68
  11. Aug 4, 2018 #69
    tallmon

    tallmon Medium Load Member

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    Doesn't increase costs. Employee meals are 100% deductible. Owner/officer meals are 50% deductible.
     
    tallmon, Aug 4, 2018
    tallmon, Aug 4, 2018
    #69
  12. Aug 5, 2018 #70
    McCauley

    McCauley Medium Load Member

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    Should I be wanting my employer to separate $63 of per diem each day for me, or is it still only 80% of $63 which means I should only want them to separate $50 per day?
     
    McCauley, Aug 5, 2018
    McCauley, Aug 5, 2018
    #70
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