New Tax Laws
Topic 21771 | Page 1
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.New Reply:
New! Check out our help videos for a better understanding of our forum features
Preview:
Why Join Trucking Truth?
- The High Road Training Program
- The High Road Article Series
- The Friendliest Trucker's Forum Ever!
- Email Updates When New Articles Are Posted
Apply For Paid CDL Training Through TruckingTruth
Did you know you can fill out one quick form here on TruckingTruth and apply to several companies at once for paid CDL training? Seriously! The application only takes one minute. You will speak with recruiters today. There is no obligation whatsoever. Learn more and apply here:
TT On Facebook
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.