KLLM Owner/Operator (1099-Misc) Truckers

I have been doing taxes for such owner/operator for over 5 years and for the past 2 years I have been placing all INDIVIDUAL RECAPS into our accounting system and am coming up with alot of data that suggests the drivers may not be getting all the deductions that they are entitled to WHEN comparing with the KLLM ANNUAL summaries. If you have been getting your taxes done for several years by a paid tax preparer, I would like to further discuss some of the issues with him. If your tax preparer is interested, please advise him of this post and ask him to fax me at 210-337-1043 for a possible discussion of the issues. Thanks.

 

Almost all software will automatically compute the calculations for the final per diem amounts. I would believe that if the driver can arrive at the proper figures then you can't miss on the computation. Remember, your time AWAY from home on business is what you use to compute the per diem. You get a FULL per diem (59.00) for those days that you are away from home. In addition, the day you leave and the day you get back home can be counted as partial days in which you can take 75% or ($44.25) for each "leave and get back" element. Meaning that if you return home 4 times you would get 8 days at 75% (44.25) for each or total of $354.00 for the year, PLUS the full per diem rate or $59.00 for all other days that you are away from home on business. I am using the 2009 tax year for illustration. The total figures arrived at still has to be reduced by the 80%. By the way, I am still looking for a tax preparer to discuss the items I mentioned in my original post above.