If you've got an IRS letter on your desk right now, you have a decision to make, and the clock matters. I'm Darrin Mish. I've spent 32 years helping people with exactly this kind of situation. Here's what you should do.
There’s good news on the horizon for truck owner operators who spend a ton of money on the food while on the open road. They can now deduct up to $4 a day more for meal expenses. This equates to roughly $1200 more that they will be able to claim. There are qualifying rules.
Owner operators must have worked away from their “tax home” considerably longer than what is considered a normal workday. They must also have slept away from home on the same days that their per diem was used.
While the new ruling won’t affect the average individual, truck owner operators are happy about the deal because they get to hold on to their hard-earned cash.
While the IRS is not always a welcome sight, these types of rulings create a positive image and greatly benefit those who are affected. The truckers’ per diem is now $63; up from the current mark of $59.
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