New Tax Laws

Topic 21771 | Page 1

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Chad B.'s Comment
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According to a memo put out by my company, this is the last year i will be able to write off the $63 a night I’m on the road. This gives me a net of $4500-$5000 when i get my taxes done.

Does anyone have any hard data on the implications of the new tax law?

From my current perspective, I’m going to lose $4-$5 a year in what i consider income come tax time. Please tell me I’m wrong.

Michael S.'s Comment
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Maybe this will get you started?

Dave Reid's Comment
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Chad, the link to the Landstar info page that Michael S posted is chock full of details...but written primarily for their owner-operators.

Bottom line for you as a company driver is that the deduction is no longer available. However, the standard deduction was increased greatly, which may provide equal or greater benefits to you, depending on your other deductions.

Many companies offer or require a portion of pay handled as per diem. For drivers with those companies, the tax savings of the new law could be significant...it will be for me.

According to a memo put out by my company, this is the last year i will be able to write off the $63 a night I’m on the road. This gives me a net of $4500-$5000 when i get my taxes done.

Does anyone have any hard data on the implications of the new tax law?

From my current perspective, I’m going to lose $4-$5 a year in what i consider income come tax time. Please tell me I’m wrong.

Per Diem:

Getting paid per diem means getting a portion of your salary paid to you without taxes taken out. It's technically classified as a meal and expense reimbursement.

Truck drivers and others who travel for a living get large tax deductions for meal expenses. The Government set up per diem pay as a way to reimburse some of the taxes you pay with each paycheck instead of making you wait until tax filing season.

Getting per diem pay means a driver will get a larger paycheck each week but a smaller tax return at tax time.

We have a ton of information on our wiki page on per diem pay

HOS:

Hours Of Service

HOS refers to the logbook hours of service regulations.
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