Per diem question

Good thing I have never stayed there.

 

That's "Holiday Inn Express"! Geez, man!

The best thing is to find an accountant experienced in trucking taxes in your area to work with, at least for the first year.

 

so how was per diem shown on your w-2.. just curious
Thanks

 

In my case it's in box 17. Perdiem 3984.22.

 

Is it allowed to take standard deduction if my company pays me per diem? It's showed on my w2. Or basically that's forcing me to take itemized deduction? Thanks.

 

That is your call.
You should figure your own deduction and see if it is advantageous to itemize.
Figure the number of days you were away from home times $59, times 80% less 2% of AGI(line 32 on form 1040). Then subtract the amount your employer paid in per diem. That is the amount you could claim as a deduction.
If it , combined with your other deductions, is greater than the standard deduction, then itemize. If smaller, then take the standard deduction.
And Form 2106 is the form to figure the M&I deduction.

 

Your example is not exactly correct.
You take the 59.00 per day US and 65.00 per day Canada, then subtract the employer deduction. Then the subtotal is limited to 2% of the AGI.

 

The way I seen the whole ripoff pee dium thing was.
A company has a base pay of .45 cents a mile for those that wish not to choose to go by way of "bend over billy. "
For those that wished to take the bait, ("hook line and sinker") took a .13 cent a mile pay cut. They called it .11 cents but the gubberment penalized the company. 02 cents a mile for who knows what reason. The company takes it from the driver then the base pay goes to .32 cents a mile then the. 11 cents gets tacked back on tax free in a separate area. The driver can't claim any days at years end and works for. 02 cents a mile less than if they wouldn't have agreed to anything

 

Yes, you are correct. I stand corrected.

 

Thanks! I appreciate it!