Can I take Travel Per Diems as a Business Owner?

Can I take Travel Per Diems as a Business Owner? | Mark J Kohler

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4 жыл бұрын

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You can take the higher amount of actual expenses versus Travel Per Diems!! Here's a quick look on how to take advantage of this strategy as a business owner.
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Пікірлер: 22

@Lb2Shay 3 жыл бұрын

🤣 The Sugar daddy/baby reference in Scottsdale. Ofcourse is tax deductible. Hilarious tax nerd humor

@johnstorie1394 Жыл бұрын

Thank you! I'm a touring musician and this clip is super helpful in figuring out the per diem.

@TonyMilanoOfficial 4 жыл бұрын

Great stuff Mark! I've definitely been slacking on this. Thanks for sharing.

@stacynicole1059 3 жыл бұрын

So glad I found this channel, thanks for the details and making taxes fun Mark!!

@MarkJKohler 3 жыл бұрын

You are so welcome!

@251251 4 жыл бұрын

Appreciate this!

@gatesstudygroup8913 4 жыл бұрын

Glad i Am here

@gatesstudygroup8913 4 жыл бұрын

This good asf

@tomgoodin5974 3 жыл бұрын

Hi Mark, would love if you could make sense of this question for me: Let's say I'm a self-employed sole proprietor, working as an independent contractor. I go to NYC on a job that lasts a month. I'm payed $10,000 for the month for my work. I also eat food. Let's say I spend $100 a day for $3000 worth of food for the month. In turn, I bill the client $10,000 for the work and $3,000 for the food, for a total of $13,000. I receive a 1099-Misc in the amount of $13,000 for non-employee compensation. How would I handle the meals write-off in this situation? If I put down $3000 in the meals deduction, then that is subject to the 50% reduction, then I think I am essentially paying taxes on $1500 worth of food I ate that is now listed as income? For example, I would deduct $1500 from the $13,000 for the meals deduction and pay taxes on $11,500. If I were in something like a 32% bracket it seems like now I'm paying an extra $500 in taxes for my meals. Can you help? I've been trying to figure this out for years.

@MP57719 2 жыл бұрын

When are the gsa prices going to go up to compensate for inflation? Also, if I start an llc for travel nursing contracts, I can't pay myself lodging perdiems?

@ItalianStallion1415 3 жыл бұрын

Do these get written down on Line 19 on the 1190S?

@swb3248 Жыл бұрын

Can you mix and match days on the same trip? What I mean is can you take actual cost for meals hours on some of the days and do the per diem rate on other days during the same trip?

@MarkJKohler Жыл бұрын

To get your question answered, please submit it to podcast.mainstreetbusiness.com/ thank you!

@ryeann2567 3 жыл бұрын

I'm confused. In the scottsdale example, you came up with meals costing $115, and said you should take the actual expenses as your write off rather than the per diem rate. Aren't you only allowed to take 50% of that $115 figure? Therefore 115/50 = $57.5, which yes IS higher than the per Diem of $56, but just barely. Is that correct? Thanks for the vid by the way.

@christopherhayes3328 Жыл бұрын

It's 50% either way. So if you took the per diem of $56, you're only allowed to actually write off $28.