One more reason being a company driver ain’t so bad. I get per diem which makes a significant portion of my income tax-exempt. Yes, I know, my social security will be lower. And the new higher standard deduction is better for our family.
So, as a company driver, I’ve paid down or paid off >$15,000 just in the past year. AND our refund (same as last year).
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
Anyone who has done this and doesn't have a residence how does the deductions work?
My permanent legal address is my Son and Daughter in Laws house. My mail is delivered there, car registration, driver license, etc.
Good choice I'll remember that when I can finally get rid of my apt. I'll check out the link for RVer's.
Walmart has almost topped JBS in unloading time. Because we drivers have nothing more to do than sit and wait.
Raptor
This was not a special deduction for drivers. Before the law changed anyone traveling for work could deduct meal expenses.
In the tax law change they got rid of the deduction. For most it wasn't a big deal, but for drivers that can spend 300 plus days a year away from home it was. Tune of about $18k.
From a not-yet-driver: you can't deduct your meals or cell phone for other jobs either. I used my cell phone at work and have to prepare / buy meals while I'm at work. Not sure why it would be expected that you COULD deduct these?
Big T. Per diem still exists... just not for Company drivers. Averitt implemented a work-around. Others may follow.
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
Correct. See my previous post.
This was not a special deduction for drivers. Before the law changed anyone traveling for work could deduct meal expenses.
In the tax law change they got rid of the deduction. For most it wasn't a big deal, but for drivers that can spend 300 plus days a year away from home it was. Tune of about $18k.
From a not-yet-driver: you can't deduct your meals or cell phone for other jobs either. I used my cell phone at work and have to prepare / buy meals while I'm at work. Not sure why it would be expected that you COULD deduct these?
Big T. Per diem still exists... just not for Company drivers. Averitt implemented a work-around. Others may follow.
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
Yes, put more money in my pocket. Per Diem and a larger standard deduction gave me more take home each week and for the first time I got a refund on fed and state. So, most of the whining is BS.
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
Yes, put more money in my pocket. Per Diem and a larger standard deduction gave me more take home each week and for the first time I got a refund on fed and state. So, most of the whining is BS.
Preach it, brother. Same situation here.
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
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Raptor,
This article is for RVer's but the same rules should apply:
https://rvshare.com/blog/state-residency/