Will we lose per diem

Per diem for truckers is not going away. IF it did, companies would have to pay more CPM for OTR truckers to stay out there.

 

If itemized deductions is globally suspended to use a gaming term, then everything possibly to be itemized no longer apply.

Wouldnt that be a kick in the teeth. We will find out in a few months come tax time.

 

Exactly!! Think about it.... if itemizing was stopped. Politicians wouldn’t be able to write off their fancy dinners, trips... etc. And that’s not going to happen.

 

Schedule A goes away and we get to have 24000 normal deduction

 

How do you know that?

 

24,000.00 as per diem for OTR truckers?

 

If Per Diem survives, it will have very little benefit, because it will be higher than the standard deduction for very, very few of us, like husband/wife teams.

The work-around is to have the company issue the per diem in lieu of pay. Same cash flow, less taxes.

That is, if M&I survives.

 

The per diem was an itemized deduction so unless I'm not reading the bill right it looks like we will lose it. I don't see why we OO's can't just turn around and deduct actual life on the road expenses on schedule C though. They are legitimate costs of doing business. The per diem was just a way to make things simpler so we didn't have to keep up with the receipt every time we bought a meal.

 

I guess car insurance is a tax then. Oh, that would make truck insurance a tax then too. Good to know.