Deductions for Gas/Mileage

Discussion in 'Business Operations' started by Bings, Jun 24, 2004.

  1. boatdude

    boatdude LawnSite Member
    Posts: 55

    I think you are under the wrong impression after reading MacLawns message. (hopefully Missytheaccountant or Boon-- will get back on this message to clear things up but in the interim I will give my two cents.

    Your vehicle expense is not limited to the total cost of the vehicle. If you use actual expenses your total DEPRECIATION is limited to the TOTAL COST of the vehicle but you can also deduct other expenses such as gas, tires, repairs, etc. If you take the standard allowance it compnesates you for the total cost of operating the vehicle...only a portion of the standard allowance covers deprecition.

    Disclaimer: this does not represent tax advice...just one dudes opinion.

    WINGNUT LawnSite Member
    Posts: 66

    I take the mileage deduction for one truck because I use it for other stuff besides business. The other one that I use soley for business purposes, I claim all expenses associated with it.

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