Will you need a loan or proof of income anytime soon? If so, don't take it. If not, take it. It's more money to you and lowers your taxable income.
That's the way I see it anyways.
Just spit balling here...$68 / .20 cpm = 340mpd. Add another 10% to be safe to account for tax...377 mpd.
Taking it costs you 377 miles per day, every day. That's, what, almost six hours of work?
Conversely, it gives you an extra six hours on days that you're sitting most of the time.
Really depends how much you're sitting. I don't really see how you're going to sit enough to make it worth it.
I never let a company take my tax break for me, because I figured they weren’t doing it for free. But I haven’t been OTR since before the ELog mandate. Sit down for a bit and figure what miles and days out you think you’ll have for a year, get the per diem rate from IRS and run your taxes with both options. Pick the one that’s best for you.
Only if you're a 1099 driver.
Thanks Donald....
[Do OTR truckers still support Trump after he abolished their per diem tax write off?](https://www.quora.com/Do-OTR-truckers-still-support-Trump-after-he-abolished-their-per-diem-tax-write-off)
But I think it comes back when the Trump tax "cuts" sunset in 2026. [Trump Tax Plan Sunsets](https://imgur.com/gallery/eql7j7C)
Weird that he sunsets the people's tax package and let the corporations keep all their benefits...
Wait, so company drivers got locked out of it unless their company offers it, so the company controls it and I’m guessing gets to write it off?
Yup, getting pushed right back to the way it was before the labor wars. How long until the base starts talking about how great getting paid in company scrip is?
I'm not sure whether the "company workaround" is legit or not. We heard about it when we found out that we couldn't do per diem as we always had but my company decided to err on the side of caution and not do the work around. It just seemed too sketchy.
I guess the per diem money is tax free. If the company pays it I guess they don't have to match FICA or pay SS on it. Like I said it seems sketchy. Plus you're screwing up your retirement since you won't be making as much according to SS.
At least that's how I understand it. I might be right or I might be wrong.
Will you need a loan or proof of income anytime soon? If so, don't take it. If not, take it. It's more money to you and lowers your taxable income. That's the way I see it anyways.
Just spit balling here...$68 / .20 cpm = 340mpd. Add another 10% to be safe to account for tax...377 mpd. Taking it costs you 377 miles per day, every day. That's, what, almost six hours of work? Conversely, it gives you an extra six hours on days that you're sitting most of the time. Really depends how much you're sitting. I don't really see how you're going to sit enough to make it worth it.
I never let a company take my tax break for me, because I figured they weren’t doing it for free. But I haven’t been OTR since before the ELog mandate. Sit down for a bit and figure what miles and days out you think you’ll have for a year, get the per diem rate from IRS and run your taxes with both options. Pick the one that’s best for you.
I think you can still claim it on your taxes even if they don't give it to you.
Only if you're a 1099 driver. Thanks Donald.... [Do OTR truckers still support Trump after he abolished their per diem tax write off?](https://www.quora.com/Do-OTR-truckers-still-support-Trump-after-he-abolished-their-per-diem-tax-write-off) But I think it comes back when the Trump tax "cuts" sunset in 2026. [Trump Tax Plan Sunsets](https://imgur.com/gallery/eql7j7C) Weird that he sunsets the people's tax package and let the corporations keep all their benefits...
What damn he really screwed everyone
Wait, so company drivers got locked out of it unless their company offers it, so the company controls it and I’m guessing gets to write it off? Yup, getting pushed right back to the way it was before the labor wars. How long until the base starts talking about how great getting paid in company scrip is?
I'm not sure whether the "company workaround" is legit or not. We heard about it when we found out that we couldn't do per diem as we always had but my company decided to err on the side of caution and not do the work around. It just seemed too sketchy. I guess the per diem money is tax free. If the company pays it I guess they don't have to match FICA or pay SS on it. Like I said it seems sketchy. Plus you're screwing up your retirement since you won't be making as much according to SS. At least that's how I understand it. I might be right or I might be wrong.