Tax deductions meals

Per diem is what you want to search for.

 

No,, really M&IE..

Pub 463 for 2016, 2017 not out yet.

Do a search in this section.

Trucker Taxes and Truck Financing

 

Since he's asking about daily allowance, wouldn't that be per diem??? I wasn't aware there was anything else.

 

Good thing you kept the logs, It's a giant deduction, and you can always amend your tax return and claim the deduction, you;ll get a big refund with interest.
I'm a company driver and I use these guys for my taxes, I think they're cheap and they know trucker taxes. Trucker Tax Services, Accounting for Truckers, Trucking Consulting

 

IRS refers to as M&IE - Meals and Incidental Expenses.

In short - Rates have not been published yet for Oct 1, 2017. The Federal Govt breaks it down from 1/1 to 09/30 and from 10/1 to 12/31... for 2016 it was set as $63 for the whole year, $68 if in Canada.

Whole days out = 80% x $63
Partial Days out = 75%(80%x$63)

Must be filed on Sch A or C

If company driver, keep tally of what you would have for the year, minus what the company takes out - the difference you can still claim.

A company will never take out the full amount. They have no way to figure that out. If they take out too much to what you would have taken they are dropped off the IRS program, so they go less.

Standard Meal Allowance Generally, you can use the “standard meal allowance” method as an alternative to the actual cost method. It allows you to use a set amount for your daily meals and incidental expenses (M&IE), instead of keeping records of your actual costs. The set amount varies depending on where and when you travel. In this publication, “standard meal allowance” refers to the federal rate for M&IE, discussed later under Amount of standard meal allowance. If you use the standard meal allowance, you still must keep records to prove the time, place, and business purpose of your travel. See the recordkeeping rules for travel in chapter 5

 

if you didnt do it last year you can go back and amend your taxes up to 3 years i believe and get that money if you didnt before.

 

Generally, you must file Form 1040X within three years from the date you filed your original tax return or within two years of the date you paid the tax, whichever is later. Be sure to enter the year of the return you are amending at the top of Form 1040X.Aug 17, 2017

 

Depends, if you are married and don't currently file 1040A, you probably didn't lose that much if anything at all. If you are single or are currently using 1040A, then yes. You've left some money on the table.

 

I take it you never claim this?

If out 300 days (Full) x ($63*80%) = about $15,000