Large income tax returns

I think it is 80% of $59 per day that you are out. I don't know about that big tax return thing.

 

It's 80% of that.
For the days you're away from home.

And don't expect to be getting large tax returns all of a sudden either.

Edit
Best way to get a big ### Tax Return... Get busy
. Have lots of kids.

 

Do a search for per diem and you'll find lots of threads with details but yes you can deduct 80% of $59 for each full day and 60% for a partial day (start or end in home of record).

IMO a large tax return is a sign of poor financial management. You should be adjusting your with holding so that any return is less than $1,000 or you have to pay in less than $500. That way you have access to YOUR money all year instead of giving an interest free loan to the government.

 

The best way to get a large tax return is don't claim any exemptions and so you pay as much as possible during the year. Think of it as a savings plan. Then again wouldn't it just make more sense to pay around what you're supposed to so at tax time you're more or less equal? That way you have your money right away not next April. However many people have no impulse control when it comes to saving money so they need a forced savings plan like a W-2.

 

Depending on your tax situation the standard deduction may be more than the $59 per day deduction.

 

Good luck with that attitude. One day, the federal government is going to decide they need that money more then you do. If you really want to "save money" and have it accessible at some point, pay off debt MONTHLY and invest in YOURSELF and your family. Currency is being devalued so fast with current economic and currency policy, you're better off spending it as you earn it because it is literally evaporating before your very eyes.

 

Which company will you drive for?