codeblue123
Level 3
12-20-2019
10:23 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Partnership with 2 truckers. How do they account for meals expense? Do they pay themselves the per diem rate for each night they are out of town? And then deduct it at 80% on the tax return?
Best Answer Click here
Labels
George4Tacks
Level 15
12-28-2019
10:40 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
The partnership should have a written reimbursement policy. Trips should be fairly easy to document with their log. Each trucker should submit a reimbursement request (e.g. https://www.google.com/search?q=reimbusement+request) and that would be non taxable item for the trucker. The partnership would then take the deduction.
Answers are easy. Questions are hard!
