Per Diem Rates for Truckers Increase to $80 in 2024

Starting October 1, 2024, the per diem rate for truck drivers in the transportation industry will increase from $69 to $80 per day for travel within the continental United States (CONUS). This marks the first increase in the per diem rate since 2021, when it was set at $69.

Truck drivers can deduct 80% of the per diem rate from their taxable income, providing significant tax benefits. This deduction applies to meal and incidental expenses (M&IE) incurred while traveling away from home for work. For example, with the new rate, truckers can deduct $64 per day ($80 x 80%) from their taxable income, compared to the previous deduction of $55.20 per day under the old $69 rate.

The new rates will help truck drivers offset the rising costs associated with meals and incidental expenses during their travels. It’s important for drivers to stay informed about these changes to maximize their tax savings.

Additionally, the rate for travel outside the continental United States (OCONUS) will rise to $86 per day.

For truck drivers who rely on these per diem rates to reduce their tax burden, this increase provides a welcome opportunity to save more at tax time, especially given the rising costs associated with travel and meals on the road.

Make sure to consult with your tax advisor to ensure you’re taking full advantage of the new per diem rates starting October 1, 2024.