Obamacare and Per Diem expenses?

Ask yer accountant

 

As an owner operator, per diem is expensed on your schedule c

80% of $59 per full day away from home Jan-Sept 2015
80% of $63 per full day away from Oct-Dec 2015


Use 75% for days you leave or return to home

 

The answer is yes, if you itemize or are self employed. If you don't itemize, ask your carrier to pay in part in per diem. Getting 58 bucks a day pay in per diem could drop your AGI by as much as $15,000 per year.

It would also drop your SSI contribution and your income which will effect your ability to get a mortgage, etc.

 

Yea, say no to per diem if you want a home in the next year or two

 

Why would reporting per diem effect your ability to get a mortgage. Unless the finance person can't interpret a tax return. Your gross income is the same. Deductions are helpful to lower your tax burden. It doesn't diminish the income.

 

There are very few underwriters that look at ANYTHING other than taxable income and FICO. I know. I'm a poor, poor farmer. Haven't made any money in many years. Equipment is paid. Farms is paid. None of the mortgage brokers will touch me with a 10 ft pole for a mortgage.

Getting a mortgage can be done, but you have to go to someone who still has an actually underwrite their own loans, such as local credit unions or ag. banks. Can be done, but it takes a lot more work than calling up a mortgage broker and getting the lowest rate.

 

Obammy wants more people to sign up. Just figure out what income they need to hear for the plan you want at the rate you want to pay. They'll gladly sign you up. Even if you end up making too much at the end of the year they can only charge you back a small portion of the overpayment.

Do your research on obammbammcare.

 

They can charge for the entire amount of of overpayment, you figure that when you do taxes. If they overpaid 1000 , you pay back a thousand.

 

I am assumed they have already gotten to you, it sure seems like it,lol