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Discussion in 'Trucker Taxes and Truck Financing' started by Skateboardr'swife, Mar 10, 2008.

  1. Mar 10, 2008 #1
    Skateboardr'swife

    Skateboardr'swife Light Load Member

    181
    36
    Feb 27, 2008
    Illinois
    0
    Ok, here's my first question but after reading a bit more confused on this per diem. My husband drives for company, flatbedder, gets 28% of the load. The company pays a per diem, they take the taxes out of the weekly load and then add in the per diem... I have read where company per diem is not a good thing and seems like it to me also, wondering about the right offs?? One of my questions is why is it not good and second question is... how are we supposed to file on this or what deductions...
    Rambling I am, I know, but my mind is not bending around this..lol
    Any info would be appreciated...


    Thank you:biggrin_25514::biggrin_25514:
     
    Skateboardr'swife, Mar 10, 2008
    Skateboardr'swife, Mar 10, 2008
    #1
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  3. Mar 10, 2008 #2
    7mouths2feed

    7mouths2feed "Family Man"

    1,186
    464
    Nov 29, 2007
    Jacksonville, AR
    0
    If you will get TurboTax Home and Business it will walk you though each step including whether you work under HOS laws, perdium, itemized exspenses, etc. Or get a CPA and let them do it.
     
    7mouths2feed, Mar 10, 2008
    7mouths2feed, Mar 10, 2008
    #2
  4. Mar 10, 2008 #3
    Skateboardr'swife

    Skateboardr'swife Light Load Member

    181
    36
    Feb 27, 2008
    Illinois
    0
    Thank you, that's what we have gotten, just wanted to cover the bases so I don't second guess my first or third guess...lol Thanks again
     
    Skateboardr'swife, Mar 10, 2008
    Skateboardr'swife, Mar 10, 2008
    #3
  5. Mar 11, 2008 #4
    7mouths2feed

    7mouths2feed "Family Man"

    1,186
    464
    Nov 29, 2007
    Jacksonville, AR
    0
    Hi Skateboardr'swife, Hope you found that information helpful.
    Best wishes.
     
    7mouths2feed, Mar 11, 2008
    7mouths2feed, Mar 11, 2008
    #4
  7. Mar 12, 2008 #5
    Skateboardr'swife

    Skateboardr'swife Light Load Member

    181
    36
    Feb 27, 2008
    Illinois
    0
    Yes, Yes, and Yes, got all my paperwork together, turned it in and rewarded myself with a MilkyWay Bar to celebrate! Bought you one also but had to eat that too so it didn't spoil :biggrin_25525: Thanks alot
     
    Skateboardr'swife, Mar 12, 2008
    Skateboardr'swife, Mar 12, 2008
    #5
  8. Mar 16, 2008 #6
    kent0242

    kent0242 Bobtail Member

    46
    46
    Feb 26, 2008
    Metro Detroit, MI
    0

    I spoke with my boss and asked if per diem were a possibility to exempt some of the compensation from personal income taxes. He replied that he had indeed paid per diem in the past, BUT some of the drivers complained that since the per diem was not reported as income, it reduced the amount of reported income/wages that could be used to secure a loan, such as a home loan, auto or boat loan, etc.

    So he eventually did away with per diem payments and instead folded the monies into the paycheck as wages.
     
    kent0242, Mar 16, 2008
    kent0242, Mar 16, 2008
    #6
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