My Poly Trucking experience

Discussion in 'Motor Carrier Questions - The Inside Scoop' started by majestyk, Jun 15, 2016.

  1. iraqralph43

    iraqralph43 Heavy Load Member

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    I see per diem...on the pay check...will you loose that...when new tax bill takes effect
     
  2. the white knight

    the white knight Light Load Member

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    Actually I don’t get Per Diem. I questioned my boss about the 100.00 and he said Merry Christmas!
    But Per Diem as in tax deductions for truckers isn’t going away. I will still claim 63.00 a day for everyday I’m out here.
     
    iraqralph43 Thanks this.
  3. Paddlewagon

    Paddlewagon Light Load Member

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    Unless you are an independent and can file a sched C or your company includes per diem in your pre-tax wages then yes you are going to lose that $63/day........Sched A is going away.................as per my trusted and very longtime tax advisor/preparer.
     
  4. the white knight

    the white knight Light Load Member

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    I would like to see the tax document stating that please.
     
  5. Paddlewagon

    Paddlewagon Light Load Member

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    As I mentioned,that is what my longtime tax person mentioned to me,He also mentioned that the first "classes" to update them on all the new regs/rules were not being offered until mid January so...............
     
  6. the white knight

    the white knight Light Load Member

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    Please keep us informed. Ty
     
  7. area28

    area28 Medium Load Member

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    Tax bill likely sunsets meal per diem for drivers, cuts rates across the board

    The tax reform bill likely to be signed into law by President Trump this week or next is expected to be the end of the daily $63 per diem deduction allotted to truck drivers for on-road meal expenses, says ATBS president and CEO Todd Amen. However, he and his firm are still reviewing the details of the bill, he says, and expect to be able to speak more authoritatively in the new year about the changes it institutes.


    Owner-operators will still be able to deduct meal expenses on their annual Schedule C tax form, due at the time of their annual filing, he says.

    The axing of the per diem by Congress’ overhaul of the U.S. tax system, as with changes in other itemized deductions, is intended to be offset by a big bump in the standard deduction granted to all filers. That will increase to $24,000 from the previous $12,000 for married couples filing jointly.

    “There is no need to itemize” the per diem deductions after the bump, says Amen, “because they’d still probably be below the standard deduction.” The standard deduction for single filers will jump from $6,300 to $12,000. What’s more, the child tax credit – an amount subtracted directly from parents’ tax bills, not their taxable income — will be doubled to $2,000 per child. However, the bill eliminates the $4,050 personal exemption afforded by current tax law


    Tax bill likely sunsets meal per diem for drivers, cuts rates across the board

    ( My personal Tax man confirmed that the $63 a day is going away , other than that he
    was still studying up on the new rules as they become available , the increase in personal deduction will offset some of the loss )
     
  8. the white knight

    the white knight Light Load Member

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