Answer to: Per Diem for Spouse of Owner OperatorThe IRS allows people who travel for business to deduct their meal expenses from their income. The Per Diem rate is set by the Department of Transportation. The current rate is $59 per day in the Continental US and $65 per day while in Canada. You may have heard the amount of the deduction quoted as $47.20. That is because the IRS only allows you to deduct 80% of that rate. Non-CDL riders who are performing other duties (bookkeeping, dispatching, assisting loading, and unloading) may deduct a slightly lower rate of $46 per day, or rather 80% of $46 which comes out to $36.80. - See more at: http://www.atbsshow.com/perdiemtaxes#sth...
Answer to: Cash Receipts vs Settlement RecieptsI thought the fuel on the settlement sheet was entered as retained earnings so it can be entered in fuel gauges and would not show up twice on reports. I am just starting the program and want to make sure I understand how to do it correctly. Thanks.