Tax structure for owner-S corp, LLC Or?

Keeping in mind I'm not a CPA, but just another truck driver my understanding is as follows...

The current Per diem rate is $69 a day, but as truck drivers we're only allowed to deduct 80% so effectively the daily per diem rate is $55.2. You figure how many days you were out for the month multiplied by 55.2 and then you pay that from your business bank account to your personal bank account and label the expense as per diem in Quickbooks or whatever software you're using that way when it comes time to do your tax return at the end of the year your CPA will list that expense on the tax return and it will be treated as a tax deduction.

You must actually transfer the money now in order to be able to write it off as Trumps tax bill wiped out our previous ability to just do this in theory. If the money is not actually transferred and recorded it is not tax deductible. I emphasize this as up until that point you could just claim X number of days out * per diem rate * .80 and then write that number off on your taxes, but that's no longer the case.

 

I am setup as S Corp as well

 

Trucking has it's own per diem rate. If you were a regular worker who traveled from their home to another location and then stayed there then you would likely use the federal Per diem rate you're talking about here
FY 2024 Per Diem Highlights

However, this is what applies to truck drivers
Per-Diem Rate for Truckers - OOIDA

 

That's correct, under the tax law, truckers don't take "per diem", they get "meals and incidental expenses". If you stay in a hotel, that's an additional business expense you can take separately.

You can still take actual expenses for food, showers, soap-on-a-rope, etc rather than M&IE.

Again, as said, that only works if you are the employer that provides the employee with that benefit. Sole proprietors need not apply.