$52/80% Meal Allowance Deductible WITHOUT Itemizing?
#31
09-22-2009, 09:41 PM
Not a problem. The reason that I never itemize is pretty simple. Unless your eating 3 meals a day in a steakhouse and staying at the Ramada overnight you are never going to rack up an amount over your standard deduction. I can't imagine eating up over $50/day. At least I never have and why bother saving all of those receipts? I do save the receipts for items that are job related such as tools I keep in the truck, clothing with the company logo on it, etc.. I never get fancy so fly under the radar. If the IRS wants to waste time on me in an audit I have nothing to fear. The more deductions that you claim, the higher the likelyhood you will meet the IRS up close and in person.
EXAMPLE: If you're out on the road 280 days per year, that is an $11,468 deduction. The last I checked, the standard deduction wasn't even CLOSE to $11,468. But to claim that $11,468 deduction, you have to itemize. 
#32
09-23-2009, 11:36 PM
Ummm, I don't think you realize how the meal allowance works. You don't HAVE to spend the full $50 per day to CLAIM the full $50 per day. The "allowance" is the standard amount the IRS lets you claim without saving receipts. All you need for proof is a log book.
EXAMPLE: If you're out on the road 280 days per year, that is an $11,468 deduction. The last I checked, the standard deduction wasn't even CLOSE to $11,468. But to claim that $11,468 deduction, you have to itemize.
#33
09-24-2009, 12:30 AM
You can take the per diem amount the IRS allows or use actual expenses. As Rev said, it is usually much better rate using per diem (from the IRS Tables) then actual. Your company does not dictate allowable per diem rates. The IRS does. HTH
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#34
09-25-2009, 01:46 AM
I know that. Sweet Louise! Thats what I said. You can either use the per diem or actual expenses. I said that the standard $54/day or whatever was better because I never ate up $50 a day on the road so saw no point in saving all of my meal receipts.
#38
09-26-2009, 03:55 PM
The only comment I have is
Shut her down Clancy, She's a pumpin mud.
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#40
09-29-2009, 02:32 PM
According to the intstructions for form 2106 (http://www.irs.gov/pub/irs-pdf/i2106.pdf - specifically under "notes"), miscellaneous deductions on line 24 are limited to 2% of your AGI. Unless your AGI is in the $400,000 - $500,000 range, you would never be able to fully take advantage of your meal allowance by using line 24 rather than Schedule A. At least that's the way I'm reading it.
BTW, this line 24 is new. It doesn't appear on older 1040's. 
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