Per diem has always been added to my check and I recieved a 1099 on the total (wages+perdiem). When you do your taxes you can deduct the perdiem. Perdiem is usually different for different areas and it is for your meals. It was always easy just to mark my days on a calender and total the days every month for the town I was in. Then give it to the CPA. I think there is a standard probably in the $35-40 range plus the costs of your lodging. If you eat for less that well thenthat that is money u made. There was a rate that covered lodging and food. The price was crazy high compared to what you could actually live out of town for. CPA told me it was advisable not to use that formula. He said that would get you in trouble if you were taking a deduction that was so lopsided in my favor. SOOOOO I didnt use that formula. I just keep it simple and honest. The penalties are what really gets people in so much trouble anyway. The money is not worth getting in trouble over, to me
And with most of the prices anymore you probably won't have too much tax liability anyway, as long as you keep up with your business. LMAO
Good luck
Re: Tax Time
Member #: 22394
Registered: 3/15/2003
Posted:
459
Name:
Shane Fountain
Name:
Shane Fountain
Company:
H&F Catv
Occupation:
Coax&Fiber Construction/Splicing
Location:
S.C.
Personal:
early 50s
Experience:
~31 years
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