The Green Industry's Resource Center

jimmyzlc · #1 01-12-2009, 01:55 AM

Is there a deduction you can take for the gasoline you purchase? I thought I had seen something about it on here, but cannot find the thread. Anyone know what I am talking about. Thanks.

Marvelous Gardens · #2 01-12-2009, 02:59 AM

Yes you can write off your offroad fuel for your equiment and vehicle. I believe there is also some type of tax credit, be sure to have the number of gallons you hve purchased. Hope this helps, I would contact your tax professional for a more accurate answer.

phlandscaping · #3 01-12-2009, 03:20 AM

Yes! Last year it was under my expense section I do believe! Along with parts... (Trimmer String, blades....)

bohiaa · #4 01-12-2009, 10:00 AM

100 % equiptment fuel, .50? per mile, 100% ag.
dont mess with the offroad. if you get ag fuel. dont put it in your truck.

Marvelous Gardens · #5 01-12-2009, 10:56 PM

I did not mean ag fuel. I consider all fuel not used in my truck off-road, and thats how I have it set up in quickbooks, it is an expense. In the memo I put the gallon amount on each receipt. I keep my truck fuel in seperate category so I can monitor my miles and fuel charges closely. Sorry for the confusion.

Frontier-Lawn · #6 01-12-2009, 11:01 PM

last year when H&R Block did mine i was told either i could take the fed and local tax off per gal for the equipment gas or take .45$ per mileage for the year for the truck.

Fvstringpicker · #7 01-12-2009, 11:08 PM

Fuel is an ordinary and necessary expense of doing business. Accordingly, it is deductible. Your question however seems overly simplistic.

Marvelous Gardens · #8 01-12-2009, 11:18 PM

Quote:

Originally Posted by Frontier-Lawn

last year when H&R Block did mine i was told either i could take the fed and local tax off per gal for the equipment gas or take .45$ per mileage for the year for the truck.

I cant see where your gas used in your equipment has anything to do with your truck mileage. I was told you can either use the expenses occured from your truck like oil changes, tires, parts, repairs, etc. or the mileage but not both. The equipment fuel should be a seperate expense. But I could be wrong

Fvstringpicker · #9 01-13-2009, 11:16 AM

Quote:

Originally Posted by Marvelous Gardens

I cant see where your gas used in your equipment has anything to do with your truck mileage. I was told you can either use the expenses occured from your truck like oil changes, tires, parts, repairs, etc. or the mileage but not both. The equipment fuel should be a seperate expense. But I could be wrong

No, you are right.

ECS · #10 01-13-2009, 11:22 AM

Off road fuel/gas is a tax credit on the hiway taxes paid and the remainder is treated as an expense. This means that all your off road fuel is a 100% expense.

All fuel/gas for equiptment needs to be kept separate, with separate reciepts, from any fuel purchased for your vehicles.

The mileage allowance for 2008 was $0.505 from Jan 1, 2008 - June 30 2008 and then became $0.585 from July 1, 2008 - Dec 31, 2008. The rate established for 2009 is now at $0.55 per mile, down $0.035 from the $0.585 used for the second half of 2008.