LLC partnership and per diem

Discussion in 'Trucker Taxes and Truck Financing' started by somecallmetim2, Dec 12, 2017.

  1. somecallmetim2

    somecallmetim2 Bobtail Member

    13
    1
    Aug 3, 2012
    0
    Xsetra I see what you’re getting at, my problem is as an partnership LLC, My wife and I are the company and the employees, though not paid by W2 or 1099. Simply a pass thru to my personal taxes. Schedule C doesn’t work as that’s a sole proprietorship form.

    An LLC reports earnings and expenses on a K1, so should I expense the per diem on the K1, or should my wife and I both expense it on a schedule E(1040) separately?

    Or is there another way to do it?
     
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. xsetra

    xsetra Road Train Member

    4,928
    6,588
    Aug 21, 2011
    0
    Depends on what you are saying the per diem is. Company Expense or personal deduction.
    I don't know about LLP.
     
  4. BrandonCPA

    BrandonCPA Bobtail Member

    20
    20
    Dec 16, 2017
    0
    Somecallmetim2, I am a licensed CPA and I can answer all of your questions regarding your situation.
     
  5. somecallmetim2

    somecallmetim2 Bobtail Member

    13
    1
    Aug 3, 2012
    0
    BFA, I guess if you can go through this thread from my initial question, and not get utterly confused by most of the responses, you might be able to tell me the answer to my original question.
    My tax attorney is still looking for a clear cut answer, but is leaning toward the schedule E unreimbursed partner expense for both my HOS per diem and my wife’s.

    Thanks
     
  6. BrandonCPA

    BrandonCPA Bobtail Member

    20
    20
    Dec 16, 2017
    0
    Tim,

    The answer to your first question about the expenses would be they would be taken as a deduction on whatever taxable entity you setup and then you would reimburse yourself. There is nothing else you need to do or show, except of course to keep all your receipts in the event of an audit. I would advise against a partnership, even if it is two people running team. Hope that helps.
     
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.