Adjuster tax returns - Lodging - Use Per Diem or actual?
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Adjuster tax returns - Lodging - Use Per Diem or actual? - 4/10/2005 12:00:09 PM
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cmcatadjuster
Posts: 1
Joined: 4/19/2004
Status: offline
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Adjuster Tax returns - Like many of you, I am an independent adjuster who sometimes receives 1099s, and sometimes receives W2s for my services in the same year.
When we calculate our Lodging and Meals expenses, are we to use 1) the Federal CONUS per diem for Lodging plus Meals & Incidentals, or 2) use our actual incurred reciepts on Lodging, and use the federal rate only for Meals & Incidentals?
I have heard conflicting info on the above from tax advisors and others in our profession. What do you do, and why? Any new tax law or rulings out there that you are aware of?
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RE: Adjuster tax returns - Lodging - Use Per Diem or ac... - 4/10/2005 9:40:57 PM
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beumelc
Posts: 16
Joined: 4/19/2004
Home base: N Charleston, sc
Status: offline
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My bookeeper has mekeeptrack of those expences. She then compairs what I spent to the per diem. Usually using the perdiem is better in my case.
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RE: Adjuster tax returns - Lodging - Use Per Diem or ac... - 4/10/2005 10:48:04 PM
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RobertV
Posts: 493
Joined: 4/19/2004
Home base: Boerne, TX
Status: offline
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Kept track with a real 'weekly expense report' for a couple of years; have since decided my time is worth more than the argument & decided to just take the IRS published rate.
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RE: Adjuster tax returns - Lodging - Use Per Diem or ac... - 4/11/2005 7:00:44 AM
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Catmannn
Posts: 27
Joined: 4/19/2004
Home base: Duncan, OK
Status: offline
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I HAVE BEEN AUDITED ON THIS VERY ISSUE. IF YOUR W-2 EMPLOYER WILL STATE THAT YOU ARE A FULL TIME EMPLOYEE THEN YOU CAN USE THE PER DIEM AMOUNTS, BOTH FOR FOOD AND LODGING. MY STATE FARM ADJUSTING CO SENT A LETTER TO THE IRS ADDRESSING THIS ISSUE AND THEY STATED THAT I WAS A TEMP PART TIME EMPLOYEE, THUS THE IRS DISALLOWED THE LODGING PER DEIM RATES AND I HAD TO SUPPLY MY ACTUAL LODGING COST, THIS COST ME MANY THOUSANDS OF DOLLARS( THE ACUTAL INCREASE TAX AND THEN ALL THE PENALIES.
IN SO FAR AS THE 1009 WORK, YOU ARE NOT ALLOWED TO USE THE LODGING AT ALL, ALTHOUGH YOU CAN USE THE FOOD PER DEIM.
I FLY AS STRAIGHT AND NARROW AS A BIRD CAN NOW.
HOUTZ
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RE: Adjuster tax returns - Lodging - Use Per Diem or ac... - 4/11/2005 10:59:32 PM
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okclarryd
Posts: 612
Joined: 4/19/2004
Home base: Oklahoma City, Ok
Status: offline
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My "Bookie" also asks me to keep track of actual expenses incurred. I do this as a matter of course without a lot of effort, I just keep every receipt I can and post them monthly. Takes about 30 - 45 minutes.
He then compares my numbers against the per diem allowances and I get the better of the two. He doesn't fudge or try to skew anything. About the only thing that is constant is the mileage benefit allways exceeds my receipts for fuel, maintenance, etc.
He's worth it and he knows it. So do I.
Have a nice day.
_____________________________
LARRY D HARDIN
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