Thread: Tax time coming
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Old 01-12-2002, 07:38 PM
bruces bruces is offline
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Join Date: Jun 2001
Location: Independence, MO
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Re: tax time

Quote:
Originally posted by marcie
i work for h & r block during the off season so I know your truck expenses are deductable. you will have to have kept great records on your mileage and only business related mileage is deductible. if you are a sole propietor you can do your business taxes along with your regular return using a schedule "c" . if you have more than one truck that you use you will have to use actual expenses and not just mileage. also you will be able to deduct depreciation on truck and equipment, and of course your other operating expenses. be very careful about using the "in home office" it's really only worth it if you rent vs. own your home. if you own your home and use "in home office" will be sorry when you seel your home because then you will have to go back to your tax returns to see how much you deducted and re claim this amount ............ big headache!!
If you use only one vehicle at a time you can use the mileage method on more than one vehicle. If you use the vehicles at the same time, Marcie is correct.

Example, I have two trucks, but work solo. In this example I could use mileage on each for business portion, since I am just using one at a time.

If I have two trucks and 2 crews operating, I could not use mileage because obviously I am using more than one at a time.

It can be confusing, get a tax preparer's advice if you have questions. The best solution and highest deduction can come from different methods in different circumstances.
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