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Old 02-08-2013, 08:28 AM
HPI_Savage25 HPI_Savage25 is offline
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Join Date: Sep 2012
Location: Martinez, GA
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Working on my taxes

Ok I do my taxes myself but I am wondering on a few things. I bought a truck in April and it is in my name, not the company name because I didn't know how to put it in the company name and haven't exactly looked into it really. 95% of its use is business use. I may drive it to school one day a week if that. I try to keep it strictly business and besides I have a Honda accord I get 30mpg instead of the 9mpg in the truck. I would like to claim the $6500 purchase price of the truck with a 3 year depreciation. I would like the 3 year because that's how long the loan is for and would help out the next 2 years also on my taxes. Other than my truck the rest is just fuel, parts, dump fees and a chainsaw. Total mileage I've put on the truck is 12,200 since I bought in April.
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Old 02-08-2013, 10:13 AM
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KeystoneLawn&Landscaping KeystoneLawn&Landscaping is offline
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The questions you ask show why a good CPA is a must when running a business, give one a call today! You may/will get answers here, but IMO, anyone taking tax or financial advice from here is asking for trouble.
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  #3  
Old 02-08-2013, 10:28 AM
HPI_Savage25 HPI_Savage25 is offline
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Location: Martinez, GA
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My mom is an accountant and has been doing our own taxes for years. This is the only questions we weren't sure about
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Old 02-08-2013, 10:48 AM
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clydebusa clydebusa is offline
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Location: Tulsa Oklahoma
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Since the truck is in your name, you can change it by having your company buy it from you. Depending on a lot of issues, sometimes it is better just to get the mileage. As stated before, CPA can advise you on this. Usually there are more expenses having the truck as a commercial vehicle that needs to be considered.
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Old 02-08-2013, 10:51 AM
HPI_Savage25 HPI_Savage25 is offline
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Join Date: Sep 2012
Location: Martinez, GA
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Yeah this year ill probably just do mileage cause it isn't in the company name. I'm still a full time student so Trying to keep some costs down. It is listed as "light duty commercial" on insurance.
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Old 02-08-2013, 10:51 AM
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JB1 JB1 is offline
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are you incorporated then?
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Old 02-08-2013, 10:53 AM
HPI_Savage25 HPI_Savage25 is offline
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Sole proprietor. Why?
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Old 02-08-2013, 11:02 AM
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JB1 JB1 is offline
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if its in your name thats it, you don't have a company.
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Old 02-08-2013, 11:04 AM
larryinalabama larryinalabama is online now
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Id write off everything you put into the truck, downpayment, all payments, tires fuel oil and so on.
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Old 02-08-2013, 11:20 AM
205mx 205mx is offline
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Location: Nashville, TN
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Just reimburse yourself from the company checking account for mileage. It's ¢55.5 for every mile. In some cases it's not better than actual cost. Sometimes it is. Only way to know is to compare.
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