Company driver ,W-2 Paid, Company doesnt give perideim

NO!

If you were away from home for 220 days, you can claim $63/day. People subject to DOT hours of duty status can claim 80% of that. So,

220 x $63 = 13860
$13860 x 80% = $11088.

That IS NOT what you get back, it is the amount you can write off. That may or may not reduce your tax liability. Just depends on your personal tax situation.

My advise is: since you are so confused, seek the help/guidance of a professional tax person....One that specializes in trucker taxes.

 

Steel Tiger is correct, just make sure that you have copies of your logs to back you up. In case of an audit.

 

My Accountant charges $75 to $150 to do me and the wife's joint taxes (depending on the complexity of receipts and W2's)---well worth it to take the mathematical burden off me, and have a professional signature to back me up. Invest in an Accountant (yes...it too is an investment because the fee is deductible as well).

 

...and I would reject per diem pay even if they offered it, and refuse to work anywhere that forced me to accept it, as it is just another way for you as a driver to get screwed by the company. Reduced wages means reduced contributions to your retirement (Social Security, 401K, etc.), reduced benefits (disability, etc.), and reduced likelihood of getting a loan. You STILL have to do the exact same calculations on your taxes to ensure they "reimbursed" the proper amount...and then you either add or deduct the difference (depending upon which way they goofed). There really isn't any benefits for you as a driver in taking per diem...so BE HAPPY you work for a company that doesn't screw you with it!

 

Believe it or not instead of filing a daily perdiem you can write off all food and beverage reciepts.if you like finer dining and get hotels you could spend more than your daily perdiem.you and the wife go out of your area for a fine dinner.take you family on a trip to disney world .There is no rule that says you cant sleep and eat at diney world when out of town.Just so happened your family was with you. you can also buy your grocerys for home out of town and write these off.vacation spending.The trick is to use one credit card for these expenses and when you ask for the reciept tell them you want a non itemized reciept,with only totals.another thing you can do is ask family members out of your city to save grocery reciepts.By the end of the year you could easily be 35,000 with no taxes,maybe even putting you at earned income credit status getting back 10k from uncle sam and lowering your tax bracket percentage.You should also start your own ebay company,this will allow you to deduct even more %office in house%electric bill %internet phone and cable bill 1 car payment as long as you have another car it can be 100% i can legally write of any amount i decide as long as its done properly,how do you think these rich guys pay 7 percent.

 

How much food do you eat? It's impossible to spend more than $63/day everyday and not go broke!

As far as taking the family to Disney World and writing that of as a business expenditure, good luck with that when you get audited.

Write of groceries??? You'd have to spend more than $441 each week.




After rereading that post, I'm hoping that's it's a sarcastic/humorous answer cuz if it's serious, you're setting yourself up for some serious penalties and payback to the IRS.

 

Take the flat rate, keep your logbooks as evidence of your service days run that year for at least 8 years as a defense against audit. Keep a complete copy of the years returns with it in two evenlopes in a dry cool location.

You are ahead of the game. Now I would back down on the food spending. IF you spend 100 dollars day munching with not enough physical work, you are going to see weight gain that will stop you from working. OR cause doctors in DOT exams to impose tests for sleep apnea based on Body mass index etc.

I consider myself buried in food if I spend 20 dollars a day much less 60 plus. That's causes me to think in roman terms, #### marble bricks or something.

 

Uh .... no. You get $63 with receipts. Without reciepts, you can claim 80% of the $63.

 

When you are in business for yourself you can spend whatever you want on food lodging cars even an escort but not a hooker .write it all off thats why everyone should have a business.do you think trump writes off a 63 dollar perdiem. its all business. i eat ,live ,breath and crap business just as every american should.you have to be smart about it like put a po box for your ebay business right by your job put an ebay sticker on your car and sell a couple of things per year.get your family to pose on the used ebay shirts you sell. write them a check for 1 dollar out of your business account they are now eligable to go to disney for business meetings,as long as you talk about ebay business everyday its legal.as long as you dont get itemized resturant reciepts you can write off alcohol.And it only has to be this meticulous if your audited.get a good tax person not hr block and they will tell you when youve pushed to far