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Per Diem with QuickBooks

Discussion in 'Trucker Taxes and Truck Financing' started by Wings2Wheels, Jan 8, 2014.

  1. Jan 8, 2014 #1
    Wings2Wheels

    Wings2Wheels Medium Load Member

    301
    324
    May 3, 2008
    Eastern PA
    0
    Hi folks -

    For the last year I have been using QuickBooks online for our accounting purposes. I have found it to be easier since our company bank account directly downloads into QB, and then I just categorize it from there versus entering everything into spreadsheets.

    I have been dismissing all food expenses from the company bank account, though, and will be going the per diem route.

    I will use TurboTax for our federal filing, and am trying to figure out the easiest way to enter the per diem. TurboTax will take all the information directly from QuickBooks...so do I enter one lump sum for the amount of days I was away from home into QuickBooks, do I forego that and enter a number directly into TurboTax, or some other option I haven't thought of?

    Thanks in advance -

    W2W
     
    Wings2Wheels, Jan 8, 2014
    Wings2Wheels, Jan 8, 2014
    #1
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  3. Jan 8, 2014 #2
    ziggity

    ziggity Light Load Member

    98
    54
    Jan 4, 2014
    IN
    0
    Are you a Corp? How many trucks?
     
    ziggity, Jan 8, 2014
    ziggity, Jan 8, 2014
    #2
  4. Jan 8, 2014 #3
    Wings2Wheels

    Wings2Wheels Medium Load Member

    301
    324
    May 3, 2008
    Eastern PA
    0
    Sole Proprietor LLC. One truck.
     
    Wings2Wheels, Jan 8, 2014
    Wings2Wheels, Jan 8, 2014
    #3
    ziggity Thanks this.
  5. Jan 8, 2014 #4
    Roadmedic

    Roadmedic Road Train Member

    18,951
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    Apr 4, 2007
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    Probably be best to enter separate.
     
    Roadmedic, Jan 8, 2014
    Roadmedic, Jan 8, 2014
    #4
  7. Jan 8, 2014 #5
    Wings2Wheels

    Wings2Wheels Medium Load Member

    301
    324
    May 3, 2008
    Eastern PA
    0
    Thank you sir.

    We're small potatoes and my experience level with QuickBooks is entry-level even after a year...so I'll probably just enter the per diem as one amount via TurboTax when the time comes.

    I just wanted to make sure I wasn't missing any functionality with QuickBooks that would calculate this for us if we entered dates or date ranges...

    Is there some way we should be entering this for 2014?
     
    Wings2Wheels, Jan 8, 2014
    Wings2Wheels, Jan 8, 2014
    #5
  8. Jan 8, 2014 #6
    Roadmedic

    Roadmedic Road Train Member

    18,951
    8,981
    Apr 4, 2007
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    You can try it, but it might not come in at the right place for the limitation.

    I always enter the information because I do not trust the interface. You have to check the information twice anyway, it takes me less time to enter and check as I go.
     
    Roadmedic, Jan 8, 2014
    Roadmedic, Jan 8, 2014
    #6
    ziggity and double yellow Thank this.
  9. Jan 8, 2014 #7
    ziggity

    ziggity Light Load Member

    98
    54
    Jan 4, 2014
    IN
    0
    As long as you are sole employee with no W4 obligation its best to do 2013 max federal allowance at this point. Then start fresh on your chart of accounts for TY 2014. Caution on meal per deim vs expense per deim. Google this: back entry per deim quikbooks. Wishing you all the best!
     
    ziggity, Jan 8, 2014
    ziggity, Jan 8, 2014
    #7
  10. Jan 9, 2014 #8
    Skunk_Truck_2590

    Skunk_Truck_2590 Road Train Member

    2,094
    684
    Feb 16, 2007
    Stonewall, LA.
    0
    Didn't know that claiming per deim was even legal as a sole proprietor. Unless an hired employee on a w-2 is claiming it. Maybe I'm mistaken.
     
    Skunk_Truck_2590, Jan 9, 2014
    Skunk_Truck_2590, Jan 9, 2014
    #8
  11. Jan 9, 2014 #9
    Roadmedic

    Roadmedic Road Train Member

    18,951
    8,981
    Apr 4, 2007
    0
    Why not?

    They drive too.
     
    Roadmedic, Jan 9, 2014
    Roadmedic, Jan 9, 2014
    #9
  12. Mar 2, 2014 #10
    texastruckertaxpro

    texastruckertaxpro Bobtail Member

    14
    5
    Jan 30, 2014
    0
    If you are not absolutely certain that you are entering all the information correctly, you should partner with a tax professional experienced in trucker taxes. While QuickBooks makes it very easy to import information from your bank account, and TurboTax makes it easy to import from QuickBooks, there is no guarantee that any of the information is correct if the source data is not correctly entered. Speed and convenience are important, and everyone is trying to save money in this tough economy, but sometimes a small investment up front pays huge dividends down the road.
     
    texastruckertaxpro, Mar 2, 2014
    texastruckertaxpro, Mar 2, 2014
    #10
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