Schneider Chat Room version 2.0

80% of 59.00 per day away from home

 

Thank you all for the answers on per diem. It all just seems weird to me with how it all works out. So come tax time being on per diem would it put me in a lower tax bracket being they go off only the taxable amount or do they go off the full income which would put me in a higher bracket?

 

Oxnard, CA, P&G. My 14 is almost up and they still dont have the load ready. Where have you guys slept while waiting for loads here? I'm parked behind a Sam's club now,west of P&G, but they have "no overnight parking" sign as all over and theres a guy with a loud reefer running right next to the houses behind the store. Im worried that I'm going to get kicked out of here

Thanks

 

Lower tax bracket less chance of paying better chance of getting a return. Find your self a truck accounter theyll maxiumize your return and find all the deductions yiu can have.

 

When i was at sni, i just bobtailed all the way to the pilot in castaic and got there with 5 minutes to spare on my 14. Slightly oor lol

 

If I'm going south down I5 to Oxnard I stay at the flying j in Lebec, if I'm coming from the south I stay at either the Fontana OC or South El Monte OC. Sometimes if I'm coming from the south and the load isn't gonna be ready until the net day I'll just drive up to the flying j in Lebec, a bit oor but there isn't really anything closer.

 

I stayed at the pilot once during my first week driving but I've never been back due to the fact they charge for parking and have hardly any parking

 

I didnt pay

 

The way I understand per diem is: (this is very basic. GET AN ACCOUNTANT FAMILIAR WITH TRUCKING!!!)
The tax law provides a deduction of $59 per day that you are out on the road, and a percentage of that (someone help me here - I don't remember the percentage - 50%?) for the days that you leave or arrive home. Schneider pays you 14.5 cents per mile tax free, they withhold 2 cents for administering this plan, and the remainder of your mileage rate constitutes your taxable income. For example: if your per mile rate is 30 cents, SNI withholds 2, pays you 14.5 tax free, and you pay taxes on the remaining 13.5 cents per mile. At the end of the year, you can deduct the difference in what the government allows and what you actually received from SNI, subject to the standard IRS rules dealing with deductions. The total amount you received from SNI will be on your W-2, from what I understand. I do know that the year to date amount is on your paycheck stub (once you start getting them, that is).

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Question on the 2 cents admin fee? Is this fee tax deductible?
By using an example of 100K miles driven in one year, per diem would be 14,500, income 13,500. Total of 28,000 with a 2,000 admin fee. Does your W-2 show 13,500, or will it show 15,500 with a 2,000 fee?
I can see how this would affect your ability to qualify for a loan, but at the same time, you are paying less tax.
Thanks.

 

The 2 cpm doesn't show up anywhere. It is effectively deducted from your mileage rate, so you make 28 cpm, 14.5 tax free, instead of 30 cpm.

W2 will show 13,500 taxable income.