The business deductions you take on your Schedule C are completely unrelated to your personal deduction (aka Standard Deduction).
In addition to deducting your business expenses on Schedule C, you also choose between taking the Standard Deduction or Itemizing your Deductions on Schedule A.
Beginning on your 2018 Tax Return, the Standard Deduction has been increased to the following amounts based on your filing status:
- Single/Married File Separate- $12,000
- Head of Household- $18,000
- Married Filing Joint- $24,000
Because of these increased Standard Deduction amounts, many taxpayers who are used to Itemizing their Deductions on Schedule A will no longer need to do so because the Standard Deduction is higher than their Itemized Deductions.
