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The IRS allows people who travel for business to deduct their meal expenses from their income. The Per Diem rate is set by the IRS. The current rate (as of October 1, 2015) is $63 per day in the Continental US and $68 per day while in Canada.You may hear the amount of the deduction quoted as $50.40.he IRS allows people who travel for business to deduct their meal expenses from their income. The Per Diem rate is set by the IRS. The current rate (as of October 1, 2015) is $63 per day in the Continental US and $68 per day while in Canada.
The standard deduction is a dollar amount that reduces the amount of income on which you are taxed. In general, the standard deduction is adjusted each year for inflation and varies according to your filing status, whether you are 65 or older and/or blind, and whether another taxpayer can claim you as a dependent.our standard deduction consists of the sum of the basic standard deduction and any additional standard deductions for age and/or blindness. You are allowed an additional deduction if you are age 65 or older at the end of the tax year. You are considered to be 65 on the day before your 65th birthday.