Exemptions...
#1
06-10-2007, 03:35 AM
Exemptions...
I have previously read somewhere on CAD and have searched for the info concerning Daily Exemptions, without any luck. Could someone direct me to the location in CAD where this info is located? I think, I have read that truckers have a daily amount, somewhere around $52.00 that is exempt from taxes. Is this for both, O/O and company drivers?
TH
#3
06-10-2007, 04:04 AM
Originally Posted by TK THE TRUCKER
That is nice lookin' T/A you got.
#4
06-10-2007, 04:24 AM
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Join Date: Jan 2005
Location: East Central IL between the corn and the beans
Posts: 4,977
The meal allowance can be claimed by company drivers also, so long as they are away from home "overnight".
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#5
06-10-2007, 04:25 AM
Originally Posted by Texas Hammer
Originally Posted by TK THE TRUCKER
That is nice lookin' T/A you got. its for any driver , if you get a choice between this and less per mile, dont take it, you almost always end up better off by taking the higher mileage pay
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#6
06-10-2007, 04:27 AM
Originally Posted by Texas Hammer
Originally Posted by TK THE TRUCKER
That is nice lookin' T/A you got. Nope...I'm a company driver and $52 a day (5 days or $260) of my gross pay is tax-exempt.
#7
06-10-2007, 04:28 AM
Senior Board Member
Join Date: Jan 2005
Location: East Central IL between the corn and the beans
Posts: 4,977
Also keep in mind that at tax time you can deduct pretty much anything that is job related that is not reimbursed by your company. Just be sure to save your receipts for expenses that are not food related.
On the $52 a day meal allowance: That is a standard deduction that you only need your log books to justify. You can, if you choose to, claim actual meal costs by saving receipts.
__________________
Finding the right trucking company is like finding the right person to marry. I really comes down to finding one whose BS you can put up with and who can put up wih yours.
#8
06-10-2007, 04:29 AM
Originally Posted by DaveP
Originally Posted by Texas Hammer
Originally Posted by TK THE TRUCKER
That is nice lookin' T/A you got. Nope...I'm a company driver and $52 a day (5 days or $260) of my gross pay is tax-exempt. here is a very informative article that will help you understand your options http://www.landlinemag.com/Archives/...r_business.htm
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