how much can an independant contractor working out of state write off daily?

Question

I am working as an independant contractor out of state and I am curious as to how much i can write off daily without a receipt. I was told that it was somewhere around 130-145 dollars. Anybody know?

Answer 1

If you don't have receipts, you're up a creek. What you can write off is what you legally icurred as a deductible expense. It sounds like you're asking for permission to claim more than it actually is. Your mother would be so proud, as would your god. NOT!

Answer 2

Hi,

My husband and I own a tire Service Business, We a Mobil, There is many ways you can do this. The only thing you can claim and not have a reciept for is your milage, But if you claim your milage you can not use gas or repair reciepts. If you drive alot of miles within a day you'll get far more at the end in milage then gas or repairs. Also Travel expenses can be classified for many different areas, food, hotels, a pop you might by on the way there. I would keep all the recipts you have. There is no need to go into grand detail on your taxes ither. I use just standard areas. Like Travel, Hardware supplies, office supplies. Bussiness exp. This covers a big area and leaves room. alot of people track every little thing. exp.. If you use a air compressor, You can claim the gas for the compressor under hard ware supplies, but only what the tank will hold on a air compressor, no big $$$ amounts. Good Luck

Answer 3

In general, you can do not need a receipt for any purchases of $75 or less. But, you do need to make a note of it in your expense ledger.

However, for meals and lodging, you need to look up the current per diem rates. Depending on where you are working, you can claim between $39 - $64 per day and for lodging it starts at $60 per day. The link is below.

http://www.irs.gov/pub/irs-pdf/p1542.pdf

Answer 4

You have to have Receipts for everything!! if you dont have a receipt dont claim it. if you ever have a audit you need to prove everything. if you use it for a deduction you have to have proof.