In reality the 59.00 per day is reduced to 47.20 after the .80 dot meal allowance is applied. This is further reduced by 2% of the AGI, which is the adjusted gross income.
I have seen returns that the per diem has very little write off.
Per Diem question
Discussion in 'Millis' started by bamamac, Dec 23, 2013.
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point noted. it does look very appealing with the bonuses and vacation and holiday pay. thanks for advice it will be remembered
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Someone correct me if I am wrong,
but child support is based on your gross income. If you choose to have per diem split out up front, you will not be paying child support, or anything else that is calculated this way, on the per diem amount. You would be paying child support on 19 CPM vs. 34 CPM.
And, as stated before, if you WANT to show a higher gross for some reason, like buying a house, you will prob have issues with the per diem route.
It all depends on your personal situation as to which way u want to go. Both have their pros and cons. -
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When you figure in the additional amount for safety bonus and paid holidays the bottom line...meaning the cash you get is more.
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