S-corporation travel expenses...?
I see the member of staff can claim, std mileage ($0.44/mi), per diem (fed rate), and a dinnertime allowance (2006 (a)$39/day) on an in charge plan.
OK, if the employer (s-corp) pays the hand those full rates, can it claim those as deduction? (or do they still merely procure the 50% of meal...or is that single on actual expenses...).
I've read the pubs and they give the impression of being to relate more to the member of staff, than the employer (even if they are matching surrounded by an s-corp).
Thanks
Answers:
Yes. Whoever in reality pays the bills get to run the presumption. The hand can filch the supposition ONLY UP TO THE AMOUNT HE OR SHE WAS NOT REIMBURSED FOR (subject to 50%). If the member of staff pays $87 within meal for a hours of daylight, the hand may subtract $24= (87-39)/2.
The S-Corp may subtract $20=39/2.
It is other 50% of meal for due reporting, unless you are in the transportation business, where overnight case your truckdrivers and busdrivers seize to take off 75% for 2007 and 80% within 2008 forward.
Think of it this track: 50% is for entertaining and appointment clients. 75% (and 80%) is for in actual fact driving and conducting business. 100% is for member of staff meal on the business premises that the employer pays for as an member of staff benefit.
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OK, if the employer (s-corp) pays the hand those full rates, can it claim those as deduction? (or do they still merely procure the 50% of meal...or is that single on actual expenses...).
I've read the pubs and they give the impression of being to relate more to the member of staff, than the employer (even if they are matching surrounded by an s-corp).
Thanks
Answers:
Yes. Whoever in reality pays the bills get to run the presumption. The hand can filch the supposition ONLY UP TO THE AMOUNT HE OR SHE WAS NOT REIMBURSED FOR (subject to 50%). If the member of staff pays $87 within meal for a hours of daylight, the hand may subtract $24= (87-39)/2.
The S-Corp may subtract $20=39/2.
It is other 50% of meal for due reporting, unless you are in the transportation business, where overnight case your truckdrivers and busdrivers seize to take off 75% for 2007 and 80% within 2008 forward.
Think of it this track: 50% is for entertaining and appointment clients. 75% (and 80%) is for in actual fact driving and conducting business. 100% is for member of staff meal on the business premises that the employer pays for as an member of staff benefit.