Taxes

Truck related? Your company should had paid for any truck related stuff including scale ticket. But if not, then yes, save the recipt for taxes

 

Yes & no. Yes, because your ACTUAL expenses, if they exceed your per diem you can be deducted as business expense.

No, because you have to save receipts all year long, total them, compare to per diem & IRS daily deduction, and only then see if it was a waste of time or lot's of work for an extra $120 in expenses. BTW, you will need to keep your logbooks or printiouts of E-logs to support your days away from home, for a few years, in case IRS wants to see question your return over the next 3 years.

Compromise, keep accurate records for 3-6 months, compare with daily paid per diem and IRS daily allowance. If your actual expenses aren't seriously more than per diem & IRS allowance, drop the hassle.

Notice I DID NOT SAY PER DIEM PAY & IRS DAILY ALLOWANCE ARE THE SAME. People often use "per diem" to mean portion of company paid with no taxes withheld and some say "per diem" when they really mean the IRS daily meal allowance for transportation workers.

 

What's the irs daily meal allowance

 

http://www.gsa.gov/portal/content/104877

 

$63 a day for full days out away from home. It is $68 if out of country

 

Per diem does not include scale tickets. Its for food as far as I'm concerned. Your company should reimburse you. Or you write them off.

 

It is for food and lodging.

It is 80% of the total amount that you are allowed if it is not reimbursed - don't ask me what that means, talk to an accountant.

There is a change in the rate on the government's fiscal new year date.

Before October 1st, the rate was $59 per day.

After it is $63 per day.

Remember to make sure your numbers match your logs for last year on this. You can't take the $63 for the full year.

 

To me, all per diem does is allow the trucking company to say I earned less taxable income. Hurting me (earning less) and helping them (paying less taxes on what they have paid me). I would keep track of all of my expenses, money spent, reimbursed or not. Give all those records to my tax professional and let them handle it.

 

Its for a food allowance, not lodging.
Publication 463 from IRS.gov : There is no optional standard lodging amount similar to the standard meal allowance. Your allowable lodging expense deduction is your actual cost.