Fkatz
March 15th, 2006, 14:23
[B] Here are the updated figures for tax year 2008
PER DIEM:
$ 52.00 Per Day US
$ 58.00 Per Day in Canada:
FOR THE CANADIAN PER DIEM ALLOWANCE YOU MUST HAVE PROOF THAT YOU WERE THERE, LOG BOOKS AND/OR BILL OF LADINGS. YOU ALSO MUST STAY OVERNIGHT (24 HOURS) IN CANADA, YOU CANNOT, GO OVER THE BORDER DELIVER YOUR LOAD, AND COME BACK.
The Per Dem Allowance Deduction is for the reimbursment of MEALS ONLY while away from home.
The Total Amount of days that are figured are subject to 80% of the Total and entered on line 24B, under MEALS & ENTERTAINMENT of your Sch C.
if you are doing it by hand multiply the total amount by 70% and enter the final total on that line.
I do not know what Turbo Tax, Tax-cut or any of the Over the Counter Tax software calculates it. But If you are trying to save $$$$ by doing it yourself, then I would be careful.
THERE ARE CERTAIN RULES THAT APPLY TO THE PER DIEM ALLOWANCE FOR TRUCK DRIVERS.
THE PER DIEM ALLOWANCE STARTS FROM THE DAY AND EXACT TIME YOU LEAVE YOUR HOME TO THE EXACT TIME YOU RETURN HOME. THE REASON FOR THIS IS THAT THE PER DIEM IS BROKEN DOWN BY 1/4 DAYS. MEANING MIDNIGHT TO 6AM, 6AM TO NOON, NOON TO 6 PM AND 6 PM TO MIDNIGHT.
HERE IS AN EXAMPLE:
YOU LEAVE OUT AT 3PM ON MONDAY, AND RETURN HOME SAT AT 9PM
YOU WOULD RECIEVE 1/2 DAY FOR MONDAY AND 3/4 DAY FOR SAT. PLUS FULL DAYS FOR TUES, WED, THURS, AND FRIDAY SO YOU WERE OUT FOR A TOTAL OF 5 1/4 DAYS FOR THE PER DIEM.
[B]STANDARD MILEAGE RATE FOR 2008[B]
THIS WOULD BE ONLY FOR PICK-UP TRUCK WITH A 8-12 FT BOX, FORD, CHEVY, DODGE, OR SPRINTER CARGO VAN, AND CARGO VANS WITH A WITH 12-14 FT BOXES ONLY. [U]CLASS 7 AND 8 TRUCKS CANNOT TAKE THE STANDARD MILEAGE RATE.[U]
THE RATE FROM JANUARY 1, 2008 THROUGH JUNE 30, 2008 IS $ .50 1/2
AND FROM JULY 1, 2008, THROUGH 12/31, 2008 IS $ .58 1/2
Any hotels, Motels taken while on the road are fully deductible and entered on line 24A Under Travel
ENTERTAINMENT WHILE ON THE ROAD.
Your Entertainment Deduction legally is not allowed, Satellite TV, VCR tapes, Audio Books, State Parks, Site Seeing, Movies, and so on, If you do decide to take them you must enter them in Part V: Other Expenses, and show the full amount in the description, and enter 50% of that figure on the line provided for that item.
Your Entertainment equipment, TV, Satellite Dish, VCR, Tape Recorders, Even Mircowaves have been disallowed in Audits.
that you have listed on your Depreicaton Schedule are not deductible at all according to the IRS.
Most of the time the amount is not as much as you think, So if you spend lets say around $500, your deduction is 1 half of that, not the whole thing,
Another thing that is asked quite often about is Pets and there upkeep. Unless your pet is a Trained Security Animal it is not allowd as a deduction.
I HAVE AVAILABLE A DEDUCTIBLE LISTING AND TRUCK EXPENSE SHEET AVAILABLE TO YOU. PLEASE USE MY DIRECT E-MAIL ADDRESS OF frankstaxservice1@att.net
SO IF ANYONE WOULD LIKE ONE JUST ASK
FRANKLIN KATZ, ATP,PA,CPB
FRANKS TAX & BUSINESS SERVICE
120 YORK RD
KINGS MOUNTAIN, NC 28086-3151
(704) 739-4039
fAX: (704) 739-3934
PER DIEM:
$ 52.00 Per Day US
$ 58.00 Per Day in Canada:
FOR THE CANADIAN PER DIEM ALLOWANCE YOU MUST HAVE PROOF THAT YOU WERE THERE, LOG BOOKS AND/OR BILL OF LADINGS. YOU ALSO MUST STAY OVERNIGHT (24 HOURS) IN CANADA, YOU CANNOT, GO OVER THE BORDER DELIVER YOUR LOAD, AND COME BACK.
The Per Dem Allowance Deduction is for the reimbursment of MEALS ONLY while away from home.
The Total Amount of days that are figured are subject to 80% of the Total and entered on line 24B, under MEALS & ENTERTAINMENT of your Sch C.
if you are doing it by hand multiply the total amount by 70% and enter the final total on that line.
I do not know what Turbo Tax, Tax-cut or any of the Over the Counter Tax software calculates it. But If you are trying to save $$$$ by doing it yourself, then I would be careful.
THERE ARE CERTAIN RULES THAT APPLY TO THE PER DIEM ALLOWANCE FOR TRUCK DRIVERS.
THE PER DIEM ALLOWANCE STARTS FROM THE DAY AND EXACT TIME YOU LEAVE YOUR HOME TO THE EXACT TIME YOU RETURN HOME. THE REASON FOR THIS IS THAT THE PER DIEM IS BROKEN DOWN BY 1/4 DAYS. MEANING MIDNIGHT TO 6AM, 6AM TO NOON, NOON TO 6 PM AND 6 PM TO MIDNIGHT.
HERE IS AN EXAMPLE:
YOU LEAVE OUT AT 3PM ON MONDAY, AND RETURN HOME SAT AT 9PM
YOU WOULD RECIEVE 1/2 DAY FOR MONDAY AND 3/4 DAY FOR SAT. PLUS FULL DAYS FOR TUES, WED, THURS, AND FRIDAY SO YOU WERE OUT FOR A TOTAL OF 5 1/4 DAYS FOR THE PER DIEM.
[B]STANDARD MILEAGE RATE FOR 2008[B]
THIS WOULD BE ONLY FOR PICK-UP TRUCK WITH A 8-12 FT BOX, FORD, CHEVY, DODGE, OR SPRINTER CARGO VAN, AND CARGO VANS WITH A WITH 12-14 FT BOXES ONLY. [U]CLASS 7 AND 8 TRUCKS CANNOT TAKE THE STANDARD MILEAGE RATE.[U]
THE RATE FROM JANUARY 1, 2008 THROUGH JUNE 30, 2008 IS $ .50 1/2
AND FROM JULY 1, 2008, THROUGH 12/31, 2008 IS $ .58 1/2
Any hotels, Motels taken while on the road are fully deductible and entered on line 24A Under Travel
ENTERTAINMENT WHILE ON THE ROAD.
Your Entertainment Deduction legally is not allowed, Satellite TV, VCR tapes, Audio Books, State Parks, Site Seeing, Movies, and so on, If you do decide to take them you must enter them in Part V: Other Expenses, and show the full amount in the description, and enter 50% of that figure on the line provided for that item.
Your Entertainment equipment, TV, Satellite Dish, VCR, Tape Recorders, Even Mircowaves have been disallowed in Audits.
that you have listed on your Depreicaton Schedule are not deductible at all according to the IRS.
Most of the time the amount is not as much as you think, So if you spend lets say around $500, your deduction is 1 half of that, not the whole thing,
Another thing that is asked quite often about is Pets and there upkeep. Unless your pet is a Trained Security Animal it is not allowd as a deduction.
I HAVE AVAILABLE A DEDUCTIBLE LISTING AND TRUCK EXPENSE SHEET AVAILABLE TO YOU. PLEASE USE MY DIRECT E-MAIL ADDRESS OF frankstaxservice1@att.net
SO IF ANYONE WOULD LIKE ONE JUST ASK
FRANKLIN KATZ, ATP,PA,CPB
FRANKS TAX & BUSINESS SERVICE
120 YORK RD
KINGS MOUNTAIN, NC 28086-3151
(704) 739-4039
fAX: (704) 739-3934