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  #21  
Old 03-10-2013, 09:54 AM
Smallaxe Smallaxe is offline
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Originally Posted by Patriot Services View Post
Side note. Once you switch from mileage to itemized you can't go back. For most guys mileage is best. The gov is actually quite generous with the rate. Never claim 100% business use though. Big red flag to IRS. 95% is realistic. Keep stellar mileage records. This is a ripe area for audits when guys make outlandish mileage claims.
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A "Listed Property" is one that is both personal and business use,,, such as a vehicle or computer... A dump truck would be 100% business w/out too much trouble, and may be one of those vehicles that are better off Depreciating out while deducting all the actual expenses rahter than using SMR...

Your biggest loss will be when the Dump is depreciated out and you are not able to switch to SMR after that... I would double check the idea of using SMR the first year, becuz (itused to be) that you could switch back to SMR if you did Actual Expenses for a while...
I hadn't heard that it was changed, but that doesn't mean it wasn't... I'm not actively doing 1040s for others anymore...
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Now that I know that clay's texture(platelets) has nothing to do with water infiltration, percolation, or drainage
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  #22  
Old 03-10-2013, 10:04 AM
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Patriot Services Patriot Services is online now
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Originally Posted by Smallaxe View Post
A "Listed Property" is one that is both personal and business use,,, such as a vehicle or computer... A dump truck would be 100% business w/out too much trouble, and may be one of those vehicles that are better off Depreciating out while deducting all the actual expenses rahter than using SMR...

Your biggest loss will be when the Dump is depreciated out and you are not able to switch to SMR after that... I would double check the idea of using SMR the first year, becuz (itused to be) that you could switch back to SMR if you did Actual Expenses for a while...
I hadn't heard that it was changed, but that doesn't mean it wasn't... I'm not actively doing 1040s for others anymore...
I'm guessing most of these guys are using their daily driver as their business vehicle.
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  #23  
Old 03-10-2013, 10:31 AM
Smallaxe Smallaxe is offline
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That would be my guess as well...
I did have one client that used his dump as his daily driver so the SMR was always the biggest deduction, but I imagine most dumps don't have that many miles... The exceptions being for those that haul ztrs and sprayers around everyday...
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Now that I know that clay's texture(platelets) has nothing to do with water infiltration, percolation, or drainage
,,, I wonder what does...
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  #24  
Old 03-10-2013, 03:39 PM
32vld 32vld is online now
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Originally Posted by New2TheGreenIndustry View Post
You can either claim truck expenses or mileage, not both. It works out for me to go with mileage. Ends up being about a 15-20k deduction each year.
Oh the pain, oh the humanity, I have to admit I was wrong on my earlier post. I though purchase price was separate from the other truck write off's.
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  #25  
Old 03-10-2013, 03:50 PM
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Patriot Services Patriot Services is online now
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Oh the pain, oh the humanity, I have to admit I was wrong on my earlier post. I though purchase price was separate from the other truck write off's.
I hope your being sarcastic, because you're right. I really hope you guys use pros to do your taxes. It sounds like some of you leave a crapload of money on the table or worse you put it in the gov's hands. The IRS is quick to point out when you short them, but not so much when the error is in your favor.
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  #26  
Old 03-10-2013, 04:06 PM
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grandview (2006) grandview (2006) is online now
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Don't quote me. But if I remember,you can write off the interest on the payment of the truck ,then depreciate the truck its self. I do actual expenses because I don't put a lot of miles on it. Also do 100% because I have personal cars too.
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  #27  
Old 03-10-2013, 08:17 PM
32vld 32vld is online now
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Originally Posted by Patriot Services View Post
I hope your being sarcastic, because you're right. I really hope you guys use pros to do your taxes. It sounds like some of you leave a crapload of money on the table or worse you put it in the gov's hands. The IRS is quick to point out when you short them, but not so much when the error is in your favor.
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Not sarcastic. I guess you miss the part where I said I was............
I said it once.
Not going to happen again.
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  #28  
Old 03-11-2013, 12:10 AM
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J & D Greens J & D Greens is offline
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When we purchased our truck for the Biz use only. The purchase price was tax deductible (pro-rated if cost a lot). The mileage you deduct while operating your vehicle is a deduction for Gas oil and up keep on the truck while you are using it to run your Biz. That is way you keep track of the mileage on it. If it is you personal vehicle you can only right off mileage (you must keep a log on the mileage it's used for Biz) and not the cost of the truck.
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  #29  
Old 03-11-2013, 11:20 AM
Smallaxe Smallaxe is offline
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Originally Posted by J & D Greens View Post
When we purchased our truck for the Biz use only. The purchase price was tax deductible (pro-rated if cost a lot). The mileage you deduct while operating your vehicle is a deduction for Gas oil and up keep on the truck while you are using it to run your Biz. That is way you keep track of the mileage on it. If it is you personal vehicle you can only right off mileage (you must keep a log on the mileage it's used for Biz) and not the cost of the truck.
If this is what you've been doing yourself I would take your last years' 1040s into H&R Block for a Free Checkup... If you are having your taxes done professionally then your accountant is probably doing it correctly whether you understand it or not... If you can understand the Pub. 17 under the SMR heading, then reread that portion...
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Now that I know that clay's texture(platelets) has nothing to do with water infiltration, percolation, or drainage
,,, I wonder what does...
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  #30  
Old 03-11-2013, 08:01 PM
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J & D Greens J & D Greens is offline
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Quote:
Originally Posted by Smallaxe View Post
If this is what you've been doing yourself I would take your last years' 1040s into H&R Block for a Free Checkup... If you are having your taxes done professionally then your accountant is probably doing it correctly whether you understand it or not... If you can understand the Pub. 17 under the SMR heading, then reread that portion...
I bought the truck strictly for the Biz. last season used ($2,000.00 and took the cost off the 2011 Taxes). H&R Block has done our taxes for 5 seasonsí I am not worried, it is done right. But for 2012 and from here on out only mileage can be taken off on the truck. That cost is what you can deduct for up-keep. Thanks but no worries.
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