Will we lose per diem

I’m not getting into this anymore... there is so much misinformation going around... I actually am letting my accountant figure it out.. I am a company driver and I claim my per diem on a schedule something or other and according to him: nothing changes on that front... I can’t claim cell phone etc... that I used to claim but, per diem remains unchanged: according to him( and he’s been a transportation cpa for 30 years)

 

Why would you be able to claim it thru the company but not on your own tax return ??? Think about it: that makes no sense... if we are eligible for it; we are eligible for it.. I would never claim per diem thru my or any company; you are screwing yourself if you do....

 

Lookup Landline Mag.com December 20th... “truckers per diem remains intact””

 

All taxpayers are entitled to deduct the greater of:

1. The “standard deduction,” or

2. The sum of itemized deductions.

Under current law, the standard deduction is $6,350 for single taxpayers and $12,700 for married taxpayers.

Proposed Law

The final bill increases the standard deduction to $12,000 for single taxpayers and $24,000 for those married filing jointly.



You only get one or the other. If you take the per diem and say you had $15,000 in per diem that's your only tax deduction your losing out because you only get $3,000 more then the standard deduction.

If the company pays per diem you get say $15,000 tax deduction. Then at the end of the year you still get to claim your $12,000 standard deduction. You get both for $26,0000 tax deduction.

If you itemized you can only take the standard or per diem unless you have $26,000 or around that number in deductions you paying more in taxes then the person getting both. Because they had the company pay per diem.

 

I understand that’s what you “believe” but, I “believe “ you aren’t getting the FULL information correctly... Have a great day...

 

Also: you are quoting “proposed law” ... amendments and changes were made at the last moment by senators to carve out the transportation industry............

 

If you have better information you can post it. I got the explanation from Kevin Rutherford he have been doing trucking accounting for 30 years also. Most company driver are only going to take itemized deductions but leave that other $12,000 on the table. Maybe he is wrong.

 

When the final bill is released, we will know.
I’ll just wait for the final version to be released...

 

Schedule c is no more which company drivers use for per diem so there is no irs form to claim it

 

What part screwed dont everybody see