What Is The Typical Food Budget For Truck Drivers On The Road?

Most companies at least have the option of paying you per diem and some companies actually require you accept it.

I've always used Turbo Tax for my taxes. I used it as a driver and I still use it as a small business owner. If you know the laws a little bit Turbo Tax is great. For someone with no clue at all about taxes and write-offs it's well worth the money to go to an accountant. They don't charge very much even for itemized returns.

I've been using an accountant for about 5 years now, and I wouldn't go back to doing my own taxes. He charges me $185.00 for a joint return with itemized deductions. A lot of people like the big named (H+R Block etc.) tax services. I like my acct and he works all year long, so if I have a question, I just call him and he calls me back or one of his employees do.

A matter of personal preference.

:-)

Bill

Drivers are allowed up to $59 dollars per day for Per Diem. This is a standard deduction allowed for living expenses while on the road. You do not have to keep any receipts at all. Now this only includes food and meals and showers but no matter as they still GIVE YOU the $59 a day no matter if you spent nothing at all on food. And one thing to watch out for...you can only claim that day as Per Diem if you were away from home. The days at home can not be counted into the Per Diem equation.

And then there are items you can use for itemized deductions. Stuff you need to do your job but was not reimbursed. Like ATM fees,laundry money, tools(dependent on your companies policy about drivers working on the truck) And there is a lot more but one main thing I wanted to point out is that entertainment OF ANY KIND is not tax deductible as of last year.

Well BAM! I just learned something new. Excellent.

Philip, I am not driving yet, but I read that when someone has a job that requires that they travel, while they are away from home, 50% of all food expenses can be deducted from Federal Income Tax. It will take some time to recoup it, possibly a full 12 months, but I'm sure it can help to offset some of the high prices truckers pay, while eating on the road.

Gotta watch those "I heard" items. Your info is pretty wide of the mark...in fact, it is very wrong. Tax deductions for meals only come into play if you are having a meal for business/client entertainment purposes. Not exactly in the trucker's tax return. Personal meals are never deductible whether you eat at home or on the road.

Actually David, truckers and other people who travel for a living do get food allowances on the road. There are two ways of doing it:

1) You can keep your food receipts and deduct them from your income

2) The best option is to take the standard deduction the Government offers. For every day you're on the road you can deduct a certain amount from your taxes. It seems to change slightly each year but it comes to somewhere around $40-$50 a day I believe. The reason I say this is the best option is because the standard deduction will almost certainly give you a larger deduction than your actual meal expenses and it prevents you from having to itemize your taxes at the same time. The Government really doesn't want you itemizing your return for food expenses. They pretty much know what it's going to cost. So they offer a standard deduction because it simplifies the tax filing process for them and for you. So instead of getting an itemized tax return and a pile of hundreds of receipts they simply offer you a nice deduction and the whole process is quick and simple.

Not to put heat on an already smoking stove. My father spent his life as a comptroller in private corporations as well as the government.These are his words of wisdom. If you take a per diem from your company you basically are giving them the ability to receive the tax benefit in lieu of receiving it for yourselves. That said if you are collecting a per diem you will not able to receive any tax benefit on food. Other things such as atm fees, tools, etc. you may or may not be able to. All depends on whether or not they reimburse you

If you do not receive a per diem you are able to write-off meals. It would not be any different if you traveled for business by plane to go to a seminar if you worked in an office. Since you are required to be away from home that is considered business travel. Business travel is deductible under government tax law and since you are away from home driving you or on business.

Just remember companies would not offer a per deim if it could not be reimbursed by the government somehow. Most companies are trying to find as many advantages in the tax code as they can get and that is why they offer per diem. Here's a little math. If you receive .05 cents a mile on per diem and you drive 2500 miles that is 125.00 dollars. If your deduction without receipts is between 40.00 and 50.00 dollars your deduction would be between 240.00 to 300.00 based on a 6 day work wk.

All you need is. Ketchup. Bottled Water. And Crackers. This will keep you alive just enough you don't die and save you tons in the process.

Actually David, truckers and other people who travel for a living do get food allowances on the road. There are two ways of doing it:

1) You can keep your food receipts and deduct them from your income

2) The best option is to take the standard deduction the Government offers. For every day you're on the road you can deduct a certain amount from your taxes. It seems to change slightly each year but it comes to somewhere around $40-$50 a day I believe. The reason I say this is the best option is because the standard deduction will almost certainly give you a larger deduction than your actual meal expenses and it prevents you from having to itemize your taxes at the same time. The Government really doesn't want you itemizing your return for food expenses. They pretty much know what it's going to cost. So they offer a standard deduction because it simplifies the tax filing process for them and for you. So instead of getting an itemized tax return and a pile of hundreds of receipts they simply offer you a nice deduction and the whole process is quick and simple.

Per diem goes on a schedule A. It is an itemized deduction. Just sure it is higher than your standard deduction for your filling status.