Tax bomb ?

Discussion in 'Trucker Taxes and Truck Financing' started by Blackfly, Apr 14, 2018.

  1. Blackfly

    Blackfly Bobtail Member

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    Thank you, that’s good info. Maybe every state should have that Mississippi law, it just makes sense. Many states, like NC tax you even on your vehicles.
     
    SteerTire Thanks this.
  2. STexan

    STexan Road Train Member

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    As a company driver, I found I'm going to have to raise my weekly tax withholding a bit. I owe $2,000 for 2018. Overall, my federal tax is more or less the same as 2017. However, for most of 2018, I participated in the company's per diem plan which amounts to 17 cpm non taxed. I only did this to help offset most of the loss of the standard meal allowance and hotels deductions I was using, but they're not withholding sufficient taxes to put me at about even come tax time [with the new metrics]

    If I didn't participate in the company per diem plan, I would have really been screwed and my tax bill would probably be about $4,000 over and above what was withheld.

    With the new tax law, I feel sorry for the company drivers who don't have a company per diem plan they can use to reduce their taxable income. The hard core OTR drivers especially are really going to get hammered this year if they itemized $20,000+ in meals and hotels and such in 2017, and now that's gone.
     
    tucker Thanks this.
  3. tucker

    tucker Road Train Member

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    Thanks for the info on how the new tax law affected you
     
  4. mover man

    mover man Heavy Load Member

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    Most likely that is only the first of many times we will read or hear that story. Dem or repub doesn't matter, some one has to pay for the rich people tax cut. And it sure ain't gonna be the rich. (Tired of winning yet)?
     
    dwells40 Thanks this.
  5. Buckeye 60

    Buckeye 60 Road Train Member

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    taxes are still lower and you can get the per diem through your company , just imagine how good it would be with hill dog .... idiot
     
  6. mover man

    mover man Heavy Load Member

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    Not a lot lower, just enough to pay for a coffee and donut everyday. As long as you get it from the gas station. Instead of the truckstop and definatly not starbucks!

    Per diem is also LESS than the daily deduction was. This wont be the last person you will hear saying they have to pay MORE,, and INCREASE the amount of taxes withheld.
    That alone makes per diem a good deal for the company, But a bad deal for company driver.
    How bad has been discussed many, many, times here on this forum.

    Hey D.B. you ask how good or bad would things be with Hillary? The time machine hasnt been invented yet. So the world will never know.
    But I imagine the tax code wouldnt have changed.

    So the storm of complaints that started last month, as people realize they got screwed, when they file this year wouldn't exist.
    Have a nice day, and bless your heart!
     
    Last edited: Feb 7, 2019
  7. STexan

    STexan Road Train Member

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    Millions of Americans could be stunned as their tax refunds shrink

    We are so gullible as a society. We take all that politicians say as truth and without question. Once I figured out what all deductions were eliminated and factored in the standard deduction increase, it didn’t take a lot of math to figure out we were being played for the morons we are.
     
    gentleroger Thanks this.
  8. Buckeye 60

    Buckeye 60 Road Train Member

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    except the tax rate reduction to businesses created a boom in frieght and increase in rates which most company drivers have had nice raises since the tax cuts .... the refunds are lower by 8 % for most people but the withholding is a lot less ..... it's kinda hard to give a tax cut on people that don't pay any taxes to begin with, ask yourself is the country any better off since the tax cut. a half a million manufacturing jobs have been created and wages are rising without DC interference, every manufacturing job will create a job in the service industry. the actual economy is better now than anytime in my lifetime, there is plenty of opportunities available for everyone that's willing to work for them . if you don't have a job and a good job it's your own fault. . too many people still look to big brother to take care of them or complaining about the rich but how would this country be if no body was rich
     
  9. STexan

    STexan Road Train Member

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    I’m all for income tax rate reduction but from where I’m standing (hard working, single, no family, company driver) there was NO reduction in my tax bill and I made the same gross + about maybe an additional $2,000. And the honeymoon boom for the economy is already over, thanks to voting in a house bent on stopping any further economic growth that would make Trump look good.
     
  10. stuckinthemud

    stuckinthemud Light Load Member

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    Tax code that a majority of tax payers don't understand ! More than a few IRS employees give wrong answers when questioned about tax code .
     
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