Limitied Liability Coporation

A limited liability company (LLC) is a flexible form of enterprise that blends elements of partnership and corporate structures. It is a legal form of company that provides limited liability to its owners in the vast majority of United States jurisdictions. LLCs do not need to be organized for profit.
Often incorrectly called a "limited liability corporation" (instead of company), it is a hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are). An LLC, although a business entity, is a type of unincorporated association and is not a corporation. The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. It is often more flexible than a corporation and it is well-suited for companies with a single owner.
It is important to understand that limited liability does not imply that owners are always fully protected from personal liabilities. Courts can and sometimes will pierce the corporate veil of corporations (or LLCs) when some type of fraud or misrepresentation is involved.[1]

i think you mean a "per diem" an amount of money per day that you are away from home..many companies offer this pay structure.

 

An LLC has nothing to do with this. You are speaking of Per Diem which is a tax deduction. You have to be able to itemize to take this deduction. If your company pays any part of your wages as Per Diem, and many do, the duduction you can take is the $59 per day for each full day away less the amount your company paid as Per Diem. On days you depart or arrive home, you can deduct half this amount.

I just tell you this so you have an idea what it is. You need an accountant or tax preparer to take advantage of this. What it does is lower your taxable income and tax liability. This in turn gives you a bigger refund or allows you to withhold at a lower rate during the year, putting more on your check each week.

Yes, your logbook will serve as the necessary record for this deduction. IMHO, you should hold them for 10 years if you take this deduction. They can audit back 3 years and they were 2 years behind on audits last I knew. If they find fraud or something they dislike they can go back 7 years. Without your supporting documents, they will disallow the deduction and you will have to pay the difference.

Here is a piece I did on this trying to base it on facts:

http://www.thetruckersreport.com/tr...-advice/146103-per-diem-as-part-your-pay.html

 

Can't add anything to those two good responses....