Can i take the standard deduction if i have perdiem pay?
Im asking because i did the schedule A and it came out to $2625 when the standard for me is $5800. (I think its like this because i only worked for 3 months in 2011, all as a company truck driver)
If i take the standard deduction do i still have to file an employee expense form 2106, and if not, where do i enter in the perdiem i recieved in box 12 of my w2? (it appears form 2106 requires you to itemize on sched A?)
Thanks
Itemized or standard deduction?
Discussion in 'Trucker Taxes and Truck Financing' started by jack_hammer, Apr 14, 2012.
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Either way i do it, my taxable income for 2011 is 0 so i guess it doesnt matter?
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If your taxable income is 0 then you would get back what you paid in and that's it. Do it the simplest way possible because it's not going to change your return..
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With an itemized deduction you have to have quite a bit to make it worth while.
I'm a Ptin level 2 certified tax preparer and have been for a few years. Almost all the audits I've ever seen happen were directly related to misuse or misappropriation regarding itemization of expenses.
In short, its a huge pain in the ### and unless you have over several thousand dollars in expenses and even a few thousand in capital losses, I'd stay well away from itemizing.Buzzard2157 Thanks this.
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