Will we lose per diem

The schedule you are referring to is Schedule A, which is used for itemized deductions. As you have indicated, multiple reliable industry sources have reported that the transportation industry was carved out and transportation workers will still be able to claim per diem as an itemized deduction. In addition to what you have mentioned, several previous posts in the thread provide sources as well.

It is correct that generally speaking the standard deduction has been increased and itemized deductions are going away. However, there are exceptions, and it appears transportation workers have received an exception for per diem.

We can debate this here indefinitely, but the wisest course of action is to consult with a qualified tax professional regarding your individual circumstances.

 

Company drivers would not generally use a Schedule C. A Schedule C is used by self-employed individuals, such as owner operators. A company driver would use Schedule A, which is the form for itemized deductions. See previous post above for additional information.

 

Per diem and itemization can still be done as I understand it. However with e the standard deduction being doubled most people will be better off than itemizing.
Either way if you are incorporated per diem is a deductable expense.
Unless you fell for the LLC con then probably not.

 

Kevin Rutherford is NOT a CPA. He has a reputation for saying what he thinks, not what is true.

I would suggest finding a CPA and asking him. Mine has said "not sure yet, waitong for the IRS guidance ".

 

Meant schedule A

 

Don't we lose the schedule A ? That the point withoit the schedule A you can't claim per diem and you can only itemized 3 or 4 things now. That how they made it more simple.

 

True Kevin Rutherford is not a CPA but he generally knows what he's talking when it comes to taxes and accounting which is more than I can say for a couple of CPAs I know.
I'm curious about your statement that "he says what he thinks, not what is true".
What would be an example of an untruth he's said and specifically when he said it?

 

No the schedule A will still be used by those who choose to itemize.
It becomes more simple for those who no longer need to itemize but will take advantage of the doubled standard deduction.
Fyi prior to the new tax law over 70% of Amercans used the standard deduction including drivers because per diem alone is typically not enough to make itemizing beneficial.

 

Have you referenced any of the articles noted in this thread? They address your question.

 

I wonder what the average OTR driver deducts on "schedule A" for per diem? Keep in mind it's not a dollar for deduction, it's 80% of the average $63 daily deduction.

If the married filing jointly standard deduction jumps to 24k a year, how much is the average driver who claims per diem really going to be affected?