Turbo tax does a good job figuring all of this out for you, I've used it the last couple of years.
If you look at a IRS Form 2106, Line 5 is where you record all your meal expenses, full days at $63 and partial days at $47.25. On line 9 is...
Partial days are .75 X $63 =$47.25. Full days are $63. But both figures, $47.25 and $63 are subject to the 80% limit.
CRB is right, arrival and departure days from home $63 X .80 = $50.47, .75 X 50.47 = $37.80
It sounds like you are not taxed on the $50. If that is the case you can't duct it again, it is already tax free.
Turbo-Tax is a good program to do your taxes, also you can google truckers tax deductions and you can find several list of items you can deduct....
partial days are X .8 and then X .75
NO--he is not gone overnight. If he gets audited he may have to pay.
Per diem is determined by miles driven. Example: You're paid 40 cents a mile-- 30 cents is taxable, 9 cents is non taxable per diem, and 1 cent...
You're talking about two different animals here, per diem is the tax free portion of your CPM. You're talking about the DOT standard deduction of...
This is not per diem you're talking about, per diem is non taxable to start with. You have the per diem plan and the DOT standard deduction plan...
You have per diem and the DOT Standard Deduction plan confused. The per diem (9cpm) is non-taxable. You can't combine both plans together.
That's not per diem you're referring to, per diem is non-taxable. Two different things. You are referring to the DOT standard deduction that...
You are not receiving any extra money if you are on the per diem plan. A portion of your CPM is not taxable. You're right, 0 miles = 0 per...
You don't have to itemize if you use the per diem plan. Per diem is not taxed on your W-2. If you use the DOT standard rate plan then you have...
You never lost it, it was an untaxed amount paid to you in your check. A portion of your CPM was not taxed. You don't get any extra money....
Old post, but you do not need to keep receipts for food.
One minor correction on your statement Mark. In and out days are 3/4 days and then you multiply X 80%. $59 x .75 = 44.25 X .80=35.40
