If you're an employee traveling for work, the IRS just announced some new rates that might interest you.

?Starting from Oct. 1, 2023, until Sept. 30, 2024, there are new daily rates (called per diem rates) to help you calculate your expenses for lodging, meals, and other minor costs while you're away from home.

?

Here’s a quick breakdown:

• If you're only claiming incidental expenses, it's a flat rate of $5 per day, wherever you are.
• Heading to a high-cost area? Your daily travel rate is $309. Anywhere else in the US is $214. Of these travel rates, $74 in high-cost places and $69 in other places can be counted for meals.
• For those in the transportation industry, it's $69 per day within the US and $74 outside of it meals and incidentals.

Self-employed individuals must keep their receipts as a record of their spending, as they aren't allowed to rely on per diem rates. Self-employed can only use per diem for meals.

While the IRS gives these rates as a guide, you aren't forced to use them. If you keep good records, you can just use your actual expenses.