Per Diem question for a company driver

You need logs to verify days you will claim per diem for. If these receipts you speak of are for meals, then you will be much better off taking the 80% of $59 M&IE that the IRS allows. Now $63. Instead of actual meal receipts. The logs verify days you spent away from your tax home.

 

Ok i understand that now. Thanks. If i have logs lets say half of the year and the other none but i was gone working. Can i go per diem for log days and itemize for other?

 

I don't think there would be anything wrong doing that. It could cause a red flag and look as if you are trying to claim it twice. If you have enough documentation then try to recreate the missing logs. Remember you can only claim the per diem, if because of the work and hours of service rules you do not return to your tax home.

 

it doesn't have to be logs. Trip sheets & BOLs can do the trick too. You just need to be able to prove you were away from home when you said you were

 

Bingo, Bango ... my statements list my date and location.

 

80% of $63 for the actual days away from home of Domicile.

75% of $63 for the days arrive/leaving from home of Domicile.

For example.

You leave Monday - 75%
gone all day Tuesday - 80%
Arrive back home Wednesday - 75%

 

Good article on per diem
https://www.teamrunsmart.com/articles/business-smart/january-2014/seizing-the-per-diem-tax-break

Video presentation

 

FYI

If you adjust your taxable income from say $50,000 down to $36,868, that causes the mortgage loan process to only see your annual income as $36,868 instead of $50,000. The higher your taxable income, the better your chances for qualifying for a larger home. If you don't plan on buying a house in two years than ignore this.

 

sorry BUT not true........for a company driver a W-2 of $50,000 is what the banks look at NOT the adjusted taxable income of $36,868

 

My taxable income has always been under $20k and I've never had a problem getting mortgages.

It seems silly to me to pay more in taxes in hopes that one day you might get a bigger home loan.