New Per Diem Laws And Affect On Lease Vs Compny
Topic 23642 | Page 5
Working on / hoping for a blue truck scenario to get my start...
Ultimately may become a red truck scenario!
It's not the color per se that matters... more what it represents.
Blue truck is a local OTR company. Red is a company which might hire me right out of school and has a Touring Logistics Division (which is what I really want to do).
We will see.
On per diem... seemed like "what you earned in per diem last year" was a factor in company driver deductibility. Made it look like it may not work as well for newbies. Guess as I get closer I will seek out an accountant who knows this stuff. Guessing someone in our program knows someone worth meeting with...
OTR:
Over The Road
OTR driving normally means you'll be hauling freight to various customers throughout your company's hauling region. It often entails being gone from home for two to three weeks at a time.
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
Something to keep in mind about per diem..it is to compensate for not being "home" therefore you need to have a "home" documented in some way ie a utility bill.
i've seen people post on here that they use a UPS store as an address, but not only is that not legal with accordance of the Real ID Act, it invalidates your per diem
For per diem you need a "residence address". The same with the license.
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
Very true. I maintain a home and always have so perdiem pay was always useful for me, even before I retired from healthcare and worked as a travel contractor. Incidentally you must keep track/count of everyday that you are working, not at home, and always farther than 60 miles from your home. In case of an audit, my elogs will provide proof of my location and duty status.
Elog:
Electronic Onboard Recorder
Electronic Logbook
A device which records the amount of time a vehicle has been driven. If the vehicle is not being driven, the operator will manually input whether or not he/she is on duty or not.
Elogs:
Electronic Onboard Recorder
Electronic Logbook
A device which records the amount of time a vehicle has been driven. If the vehicle is not being driven, the operator will manually input whether or not he/she is on duty or not.
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Prime Inc Advice For New Truck Drivers Leasing A Truck Per Diem Pay Truck Drivers Tax Questions
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This is why I drive for Knight, because our logo has a huge knight on it on the side of the trailer. All else being equal, why /not/ drive the (preference dependent of course) coolest trucks?