Taxes Suck, But So Do Pickled Pigs Feet

[derelict77]

I am single. Much of 2006 I was OTR. If I dont itemize my taxes what is my other alternative? What does it mean to take the "standard deduction"? On what tax form does a single person list the standard deduction? Please help!!!!!! Thank-you

[mike3fan]

Yeah,but I don't have to eat pickled pig's feet!

[Uturn2001]

You can probably use form 1040 ez if you are not going to itemize and have no dependants, and unless you had more than $8400 (approx) in deductable expenses in 2006 it will not pay you to itemize.

If you do have dependants and/or have more than $8400 in deductions then you will need to use form 1040.

You can view and download any federal US tax form, instructions, etc at http://www.irs.gov/

[derelict77]

I just talked to a fellow employee at Gordon and he said Gordon deducts our "meals and entertainment" expenses before taxes from each check. Do I need to consider this when filing on form 1040ez?

[choperbob]

:shock: :? taxes or texas? it is beyond me, i drive trucks and let tax pros do my taxes. am a company driver and use H&R block do mine, costs a little but they always get me something back.

[glasman2]

I just talked to a fellow employee at Gordon and he said Gordon deducts our "meals and entertainment" expenses before taxes from each check. Do I need to consider this when filing on form 1040ez?

I don't understand this... Why would they deduct food and entertainment from your pay check when YOU can deduct them from your taxes at the end of the year? State, fed, L&I, medical, 401k should be the only thing they take out.

Mess with my brother, mess with my friend, but don't you dare mess with my money.

[shyykatt]

I don't understand that either- typically you just save all your receipts and deduct them at the end of the year; maybe its different for some companies, but I've really never heard of that before.

[Crackaces]

derelict77 .. if I remember you made about 38K and worked a full year. In order to deduct all the per diem you will need to file a long form. Also you probably have other expenses that can be deducted if over 3% AGI. (After per diem I suspect your 3% will be around 600 - 800 bucks.)

The per diem replaces your standard deduction so you can not file an EZ form ...

[ssoutlaw]

Get a good tax person, one who works with the trucking business. If you run hard through the year, you will easily have more than the standard deduction with road expenses. Then you have motels, cleaning supplies for the truck, any medical expenses, certain clothing, radios, radio repair etc. Its always good to have a pro, who knows your type of business do your taxes. I just had mine done today, cost 165.00 for mine and my sons, with e file into my bank acct. Also remember they changed the amount you can make to get earned credit income, now its I guess 38,600 which helps you get more back on a bad year. I have been off for around 5 months of this year due to knee surg. and finally get to see what the earned credit income credit is all about, and they don't even count the weekly payments work comp gives you...lol I guess I get a little for all the decades I have paid in...lol I guess I will live high this year on the systems money....Yea right...lol

[ssoutlaw]

derelict77 .. if I remember you made about 38K and worked a full year. In order to deduct all the per diem you will need to file a long form. Also you probably have other expenses that can be deducted if over 3% AGI. (After per diem I suspect your 3% will be around 600 - 800 bucks.)

The per diem replaces your standard deduction so you can not file an EZ form ...

I have never took the per diem from a company, I tell them to keep it. I think its to messy at the end of the year.

[derelict77]

I do not see any indication on my pay stubs of money being removed from my check for per diem. Nothing listed under meals or expenses. Crackaces...when you drove for Gordon did you notice if they deducted money from your pay per diem?

[Scoe]

If I recall correctly, if GTI pays you .30cpm then they probably paid you about .23cpm taxed and .07cpm that was not taxed. That is how they pay per diem, so you already got your tax break throughout the year. You probably should just claim the standard deduction if they have been paying you in this manner.

[Malaki86]

Per Diem is a ripoff for the driver. Your wages are based on the actual amount you are taxed on. It does not include the per diem amount.

Your social security is based on the taxable amount. Workers compensation is based on the taxable amount.. Unemployment insurance is based on the taxable amount.

Simple example:
Let's say you drove 100,000 miles at $0.30cpm ($0.23 taxed, $0.07 per diem). At the end of the year, you made a total of $30,000. Your social security statement, however, will only show that you made $23,000 (which lowers the amount you'll receive after retirement). Also, if you're injured on the job, the payment you'll receive is based on the $23,000, not the $30,000.

I NEVER let my employer split my pay. I can do my own deductions at the end of the year.

[Crackaces]

I was reffering to the IRS per diem which is for meals only around $52 per day. If you claim this on a long form you can not take the standard deduction. But .. at 270 days that is around 10K .. certainly more than the standard deduction.