121 Tax deductions

[Ride Orange]

Anyone know what the amount for the daily meal deduction is or where I can find it? If I am right, you would take the standard deduction (whatever that is) and subract your company paid per diem and then you would be left with what you can add to your itemized deductions? Any gouge is appreciated.

 

[1973Arrow]

www.pilottax.com

 

[trip]

41.00$ per day. take 3/4 day for day 1 and day 4 of a 4-day trip. (ex. 4 day pays 3.5 days of per diem) add up total days of per diem for the year and subtract what the company paid. You are allowed to deduct 70% of the difference this year.

A more thorough explanation from ALPA-

http://www.alpa.org/DesktopModules/ALPA_Documents/ALPA_DocumentsView.aspx?itemid=1165&ModuleId=1532&Tabid=256

 

[trainer8]

Anyone know what the amount for the daily meal deduction is or where I can find it? If I am right, you would take the standard deduction (whatever that is) and subract your company paid per diem and then you would be left with what you can add to your itemized deductions? Any gouge is appreciated.

http://www.irs.gov/pub/irs-pdf/p1542.pdf is the IRS's document to for CONUS rates.

Transportation Industry Rate for 2005 is $41/day, but depending on your RON city, you may be able to do better doing the individual city rate, i.e., DCA is $54/day up to 9/30 and $64/day after that till 9/30/06. If you do take the deduction, you have to use one method or the other, not combined.

T8

 

[Ride Orange]

Thanks! Great info guys, just what I was looking for.