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

http://www.classadrivers.com/phpBB2/...ic.php?t=25857 8)




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Thanks TK, do you know if the deductions are for O/O's only?

That is nice lookin' T/A you got.

The meal allowance can be claimed by company drivers also, so long as they are away from home "overnight".

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

Hi TH...

Nope...I'm a company driver and $52 a day (5 days or $260) of my gross pay is tax-exempt.

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.

here is a very informative article that will help you understand your options
http://www.landlinemag.com/Archives/...r_business.htm

I appreciate all the info. You all have been very heplful.

Thanks,
TH