Gas receipts for tax purposes?

Discussion in 'Business Operations' started by johntx14, Mar 19, 2012.

  1. TLS

    TLS LawnSite Fanatic
    Posts: 7,937

    So.....nobody is getting the credit for tax on fuels???

    Your missing out on a lot of money!

    Also....unless you drive your truck a LOT (mileage wise) your better off going with actual expenses.

    I put between 3K and 4K miles on my truck a year. I incurred a whole lot more than $2K worth of expenses!
  2. KS_Grasscutter

    KS_Grasscutter LawnSite Gold Member
    Posts: 3,332

    I agree with doing actual expenses if its a dedicated work truck. Write of the cost of the truck, then write off all costs of using the truck.
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  3. Richard Martin

    Richard Martin LawnSite Fanatic
    Posts: 14,700

    I tried the offroad fuel tax credit and it wasn't that much in my case.

    I drove about the same miles as you and didn't put anywhere near that into my truck. I did an oil change or two and put new tires on it. I came in under $500 plus gas for the year.
  4. clydebusa

    clydebusa LawnSite Bronze Member
    Posts: 1,660

    Ask CPA what the best for you.
  5. TLS

    TLS LawnSite Fanatic
    Posts: 7,937

    I pay to have all work done on my truck. Brakes, oil, maintenance. Had all fluids changed and flushed this past year. New brakes and rotors all around as well. Tires alone this year were $600. 7mpg doesn't get me far on a tank either.

    The offroad credit is .173 per gallon! That's about $100 for a solo guy!
  6. yardguy28

    yardguy28 LawnSite Platinum Member
    Posts: 4,464

    I follow what my accountant tells me and that's turn in my work miles and leave equipment fuel under general expenses. the only thing I pull out seperately is equipment. all other expenses are one total.

    by the way I put between 5k and 8k miles a season on my truck for work miles.
  7. Richard Martin

    Richard Martin LawnSite Fanatic
    Posts: 14,700

    I used about 350 gallons last year or about 60 bucks. Leaving it in saves me about $20 so the net would be about $40. It's also an automatic red flag for the IRS. Just like the home office deduction.
  8. TLS

    TLS LawnSite Fanatic
    Posts: 7,937

    I've been 4136'ing since 1988 and home office'ing for over 8 years now probably.

    I have heard the home office is often a high abuse area that they look into, but have never heard the credit for tax on fuel being a red flag item?

    Your not using this fuel in a DOT approved vehicle on the road, so why pay tax on it?

    We already save all our gas receipts. I always fill up mowers separately from the truck, so the receipt is 100% accurate. The truck gets filled on a separate pump. Truck receipt has truck mileage written on it, and mower receipt has mowers written on it.

    I take the receipts and add them all up at tax time. Simple and easy.

    As for the long as you have another car/truck for personal use, and just use your work truck for 100% business. It's so much easier that way.

    TJLANDS LawnSite Bronze Member
    Posts: 1,669

    Everyone should be using the off road deduction(credit).
    If you dont you are just giving money away. A lot of it.

    Also I have never had it where mileage beat out actual expenses,
    so we use actual.
    We also have 9 trucks, so maybe it is different for solo guys
  10. Snyder's Lawn Inc

    Snyder's Lawn Inc LawnSite Platinum Member
    Posts: 4,541

    What I do actual expenses on 4 company trucks
    What I do have a Credit card for each truck no paper trail I always hate to mess with tons of paper

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