Skip to main content

Site Navigation

Your Account

Choose Language

Discussion Topic

Per Diem vs. Reciepts

Ok, I've made the decision to use Profit Gauges along with my accoutnant. Instead of entering the amount of each of my food reciepts, can I just use the per diem rate for each day that I'm on the road? This way I don't need the reciept

Reply to discussion Subscribe to discussion

Is this a worthwhile discussion?

Score 0
Add a comment

2 Replies

Most Helpful Answer

Yes you can. Right now the per diem rate is 59 dollars per day that you are out on the road. Now keep in mind when you come home and take time off at your listed address, the day you come home and the day you leave only count as a 3/4 day, or .75. At the end of the year you just add up all the days you were out and that should give you your total per diem that your accountant needs to claim the deductible. Make sure he is taking the 80% that truck drivers can claim. I know last year I claimed 320 days. That was a total of 18880 dollars. Take 80% of that and I was able to claim 15104 dollars deductible on per diem. I know I didn't eat that much lol.

Was this reply helpful?

Score 2
Add a comment

Quinten is right on this.

That is what the per diem is for, so you don't need to track receipts throughout the year.

Since we are under DOT regulations that is why we get the $59 per day unlike others who get per diem they have to get the per diem for each city they are in and the rates are all over the board.

Now if you go in to Canada then the per diem rate is $65 per day.

On profit gauges it asked you how many days you were out for each month. Just give that Number of days to your accountant at the end of the year.

Don't get it confused with the 80% though, some people will give their accountant the number with the 80% figured in and the he will take another 80% and mess it all up. Just give him the days you were out and make sure he knows the rate.

Right now it is $59 but keep an eye out because the IRS publishes it in October it could go up and then you will use the new rate for the last 2 months if it does.

Was this reply helpful?

Score 1
Add a comment

Join the discussion

Mark will be eternally grateful.
View Statistics:

Past 24 Hours: 0

Past 7 Days: 0

Past 30 Days: 0

All Time: 377