In regards to this: "If you set up with dependents, you might make a little more per paycheck but not much and expect less on your tax return." I respond: I used to do this for years working. Do Single/0 on my taxes because of that very reason (more return at the end of the year). My brother in law told that I was nuts doing that. I never understood why until he told me. You need all the money you earn NOW. Not at the end of the year. If you get the most money NOW, you'll use it on things that you need NOW. If you wait and get a big return at the end of the year, you'll more than likely find something that you don't really need and buy that. Now I have maxed out my dependents and my bring home pay rose quite significantly. Also, my tax returns are still quite large. With having the wife and child at home, you might want to consider resetting your tax bracket so you maximize your weekly income. If you don't like it, you can always change it back. Just a little advice, dude. Glad to see you're still hanging on out there.
I don't use this money on things I don't need. I put it into debts first and then interest earning accounts like mutual funds.
Remember that you get a good size deduction for meals every day you are away from home. That helps with your tax return. That is if you did not go for the per diem option for pay. The company makes money on the per diem plan, and if you want to buy a house or such you income shows less than it really is.
I am on the per diem and while they do make money, so do I. Also keeps me from having to keep track of all my receipts and more paperwork to give to my tax preparer (logbooks). I already have a house so a lower income is fine with me because that equates to a lower tax bracket (in my case). Between the interest on the house, my child, and my tax deductible expenses for the things I have had to buy for truck driving, I expect a heftier return this year.
Hello folks! I know I'm a week late and several hundred dollars short on this update, but I have been busier in in the past week or so than I have ever been. Here's why: So, I bring good news and thus also some bad news. I was recently contacted by the government agency that I have been trying to get hired onto do the job I did when I was in the military. It had taken so long that I was convinced I wasn't going to get hired (though I had not been told as much) so I couldn't wait any longer. I had to make income and such. That's why I started driving. Well, like I said, the agency just called me and stated they have a position for me now and I am being hired on rather short notice. This is good news because the job, as you might imagine, makes a lot more money, better hours, and better benefits. It is bad news because, well, it means I won't be driving anymore and so the end of my blogging days. At present, I'm still out on the road. (in fact, waiting on planners to figure out if they want to repower my curret load because of a missing permit or just reschedule the appointment until I can get said permit. #### New York...) I am headed home soon to turn in the truck and get repacked to report to my government job's duty station. It's a bit of chore and a long ways away. Anyway, I hope you all have enjoyed my blog and wish you all the best of luck and safe travels. Sincerely, Michael P.S. I did some math recently on the per diem program just to verify if it was worth it. My math confirmed that it is because I made ~$15 more last paycheck (on 3000 miles) than I would have without it. So, 3000 miles = ~$15 extra with per diem. That's ~$60 per month if you can manage 3000 miles each week.
