[Rev.Vassago]

Originally Posted by jonp

Not a problem. The reason that I never itemize is pretty simple. Unless your eating 3 meals a day in a steakhouse and staying at the Ramada overnight you are never going to rack up an amount over your standard deduction. I can't imagine eating up over $50/day. At least I never have and why bother saving all of those receipts? I do save the receipts for items that are job related such as tools I keep in the truck, clothing with the company logo on it, etc.. I never get fancy so fly under the radar. If the IRS wants to waste time on me in an audit I have nothing to fear. The more deductions that you claim, the higher the likelyhood you will meet the IRS up close and in person.

Ummm, I don't think you realize how the meal allowance works. You don't HAVE to spend the full $50 per day to CLAIM the full $50 per day. The "allowance" is the standard amount the IRS lets you claim without saving receipts. All you need for proof is a log book.

EXAMPLE: If you're out on the road 280 days per year, that is an $11,468 deduction. The last I checked, the standard deduction wasn't even CLOSE to $11,468. But to claim that $11,468 deduction, you have to itemize.

[jonp]

Originally Posted by Rev.Vassago

Ummm, I don't think you realize how the meal allowance works. You don't HAVE to spend the full $50 per day to CLAIM the full $50 per day. The "allowance" is the standard amount the IRS lets you claim without saving receipts. All you need for proof is a log book.

EXAMPLE: If you're out on the road 280 days per year, that is an $11,468 deduction. The last I checked, the standard deduction wasn't even CLOSE to $11,468. But to claim that $11,468 deduction, you have to itemize.

I know very well how it works, rev. You can either take the per diem the company is offering or do the meal deduction. Either taking the standard rate or go the trouble, like I used to, and find all the different places I stopped for the night and then adding those amounts up. What I was getting at was not saving every receipt for meals, soda, etc as those added up for me never came to the standard deduction so I just ignored those.

[dobry4u]

Originally Posted by jonp

I know very well how it works, rev. You can either take the per diem the company is offering or do the meal deduction.

:hellno: ah.. not right

You can take the per diem amount the IRS allows or use actual expenses. As Rev said, it is usually much better rate using per diem (from the IRS Tables) then actual. Your company does not dictate allowable per diem rates. The IRS does. HTH

[jonp]

Originally Posted by dobry4u

:hellno: ah.. not right

You can take the per diem amount the IRS allows or use actual expenses. As Rev said, it is usually much better rate using per diem (from the IRS Tables) then actual. Your company does not dictate allowable per diem rates. The IRS does. HTH

I know that. Sweet Louise! Thats what I said. You can either use the per diem or actual expenses. I said that the standard $54/day or whatever was better because I never ate up $50 a day on the road so saw no point in saving all of my meal receipts.

[Rev.Vassago]

Originally Posted by jonp

I know that. Sweet Louise! Thats what I said. You can either use the per diem or actual expenses.

Nope. :thumbsdown:

[jonp]

Do anything you want, dosn't matter to me. However, Dobry echoed what I just said the post before yours in the first sentence. Do one or the other not both.

[Rev.Vassago]

Originally Posted by jonp

Do anything you want, dosn't matter to me. However, Dobry echoed what I just said the post before yours in the first sentence. Do one or the other not both.

No she didn't.

[dle]

The only comment I have is

Shut her down Clancy, She's a pumpin mud.

[jonp]

You can take the per diem amount the IRS allows or use actual expenses

Notice the big OR in that sentence then get out your grammar book. One or the other but not both.

[Fredog]

Originally Posted by Rev.Vassago

According to the intstructions for form 2106 (http://www.irs.gov/pub/irs-pdf/i2106.pdf - specifically under "notes"), miscellaneous deductions on line 24 are limited to 2% of your AGI. Unless your AGI is in the $400,000 - $500,000 range, you would never be able to fully take advantage of your meal allowance by using line 24 rather than Schedule A. At least that's the way I'm reading it.

BTW, this line 24 is new. It doesn't appear on older 1040's.

so I guess Steve Booth is the only one qualified to take it