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  #7 (permalink)  
Old 06-17-2008, 01:33 PM
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I am new at the per diem stuff and was wondering if at the end of the year am I still entitled to the standard deduction if I don't itemize deductions?
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Old 06-17-2008, 01:40 PM
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You'll still be able to make deductions. But you just wont be able to deduct your over the road away from home meals like you could before.
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Old 06-17-2008, 02:11 PM
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Thanks CC..
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Old 06-19-2008, 11:18 AM
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Per diem is a losing game. You lose on workermans comp you lose on social security you lose the tax deduction for road expenses. There may be a slight deduction on your 2106 form after you do the math.

Now for the employer is is a winning game. They save on social security taxes on workcomp and they get the tax deduction.
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Old 06-25-2008, 11:06 AM
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Per diem is a two edged sword though...another advantage is you get 10 whole cents with the perdiem, if the deductions were taken out ; you would only get .06 to .07 of that . Consult with an accountant or taxperson to fully comprehend the total ramifications of this pay arrangement. Our situation is : we return to the home terminal daily (with very few exceptions) so , we (our company's drivers) can't deduct meal allowances anyway.

Last edited by Lyv Wire; 06-25-2008 at 11:06 AM. Reason: sp.
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Old 07-30-2008, 08:52 PM
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Quote:
Originally Posted by JMBCMP View Post
Per diem is a losing game. You lose on workermans comp you lose on social security you lose the tax deduction for road expenses. There may be a slight deduction on your 2106 form after you do the math.

Now for the employer is is a winning game. They save on social security taxes on workcomp and they get the tax deduction.

EXACTLY!!!
Be careful!
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