Per diem will i owe taxes?

No actually they weren't sub par.

 

Here's the thing underwriting guidelines are defined by Fannimae and Freddimac for conventional loans and FHA and VA have their own guidelines … all of them permit per diem that is documented and is stable and consistent.

Banks only have money to lend when they sell their loans. Investors typically accept the loans underwritten to the government guidelines. But if the institution that is selling the loan is questionable they my tighten their requirements.

And I thought you were an O/O or an IC … or were you a company driver at that time and were getting the pre diem paid by the company.

 

Company at the time , Poly Trucking

 

Well let's do an experiment, you keep paying into SS and I will take the same amount of money and put it in a Roth account and after 40 years lets see who comes out ahead.

 

You hear

You heard that before the most recent tax laws went into effect, taking away a lot of deductible expenses we could take as employee drivers. Now that those deductions are gone [for employee drivers], taking the per diem plan from the company makes a lot more sense. The 2017 tax plan was the best thing that ever happened to carriers. Their ability to cut payroll liabilities increased exponentially as long as they implemented a per diem pay plan. The new tax plan won't hurt most drivers. Those that will get hurt are those who spend more than about 320 days/year on the road where standard daily meal allowance and hotel/shower expense deductions [and tax savings] is more than they will save with typical carrier per diem plans in existence today.

 

You better care.

I had the same attitude you did. Until about 40 or so when doctors told me to file Social Security Disability. Turns out they contain every penny I made all the way back to my high school work. And brought it all out on paper form to go over my determination of benefits. down to the penny.

There is a specific criteria that will determine what amount you get going back a certain portion of your highest wages gross.

In my day we took Perdiem, keeping our logsbooks 8 years after that tax year to prove that we were away from home 306 service days to claim that benefit in 2002 Jan-Feb time period when we last claimed it. It was worth right about 13800 dollars to apply against taxes left after 67,000 gross filed jointly by me and spouse for 2001.

The refund we recieved formed a new trucking year foundation savings against any possible trouble or another 9-11.

What we also do is put out 100 for federal and 75 to Arkansas each payroll (Weekly) We get pretty much all of that back after both fed and especially state taxes which are pretty bad here)

We don't allow the employer to do anything else. Not even at a higher rate. (it's not going to be higher for YOU. You will lose against future SS and increased in taxes)

Right now you don't care about SS. That's fine. But I suggest you start. Because you too might be worn out and told to go home at 40 or whatever and then need to file. Not everyone is going to make it to 65 dancing in life tra la la without a care financially.

There may not even be a SS when you do get to retirement age. It's quite possible. Congress started borrowing against it back in the 80's to increase spending deficit.Now Parkersburg WVa is beginning to cash in IOUs and other paper assets to make up for a negative bleed SS wide. Woodlawn near Baltimore are going nuts trying to make sure that those who are disabled are truly still disabled if you go by the recent medical reviews going out of there like a storm seeking to cut costs by dropping people not so sick.

There is only when I got disability about 8 million back then out of about 160 million working age adults. Now it's 15 million (This is NON VA, NON VET NON MILITARY. Strictly civilian and especially non railroad as they have their separate retirement system.)

The VA budget passed each year in full takes care of about 60 million vets still living but disabled. Some of that spending is borrowed against our nation's future income.

So yes you should care. It's your future.

 

That's almost exactly what I get.

 

Depends on your age.. younguns paying less into social security building less in their fund...

 

This tax year: no way for company drivers to do per diem unless they sign up with their company.. owner ops still can

 

Don’t forget what happened in 2008..... almost everyone’s IRA’s took a hit; and a bad one at that.. it could have been a complete disaster........... but; your social security funds were still there...