Standard deduction

Does anybody no what the standard deduction for owner ops for tax year 2018?

 

Trucking Tax Center | Internal Revenue Service

 

It's the same as everyone else in the country that files as single, married filing jointly, married filing separately, or head of household.

Sounds like you really need to consult an account or tax professional.

 

That you for your words of advise. I've used the same cpa firm for many years. I'm sure they no the answer.
I asked because it came up tonight over dinner with other OWNER OPS.
Had I of asked about company drivers, who can no longer itemize you WOULD be correct. However I asked about OWNER OPS who can and do still itemize, or take the dot workers standard overnight deduction.

 

Thank you, but it seems this only provides I for about your 2290.

 

Standard deduction is standard deduction. Ic you don't itemize then it's the same for everyone in the same filing category. What your job is is irrelevant. Whether you're a business owner, a CEO of a huge company, or a burger flipper at McDonald's, the standard deduction is identical for all of them.

 

And where do you get the notion that company drivers cannot itemize? If they're a homeowner, they probably can. Everyone's tax situation is different.

 

There are two different deduction rates this year, One is from 01/01/18 until 09/30/18 at one rate then the rest of the year atat the new higher rate. I can't remember the exact numbers but it went from 62 or 63 up to 69 I think.

 

If your an o/o you write off all you business expenses. Plus you get that new 20% pass thru.

If your a company driver, you get the standard deduction now and no write off. If you own a home I think you could write more off but you would need more stuff then the standard deduction. That's almost impossible. I have a house and thought I could write more stuff off.

If I read it correctly you would need more write off then the standard deduction. It so high now that's almost impossible. I did TurboTax online put all my house info in. I actually had to pay $40 extra for that on TurboTax online. All I got was the standard deduction. I'm not 100% sure. In the pass I paid someone to do my taxes. TurboTax online claims to guarantee the return to be correct. If you put in the correct numbers. I did and the standard deduction was the bigger number at $19,000 for Head Of Household

 

Good grief man, that's not a standard deduction, that the per diem. Not what the OP was asking.