yeah you can take the expenses you spent on gas but you come out better claiming the mileage. at least in my experience. it's best to take mileage on the truck and use expenses on mower gas rather than using expenses for all of it.
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. Posted via Mobile Device
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.
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!
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.
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.
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 truck....as 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.
I am solo but like I said I just follow what my accountant says and suggested.
and that is to keep track of the work mileage on my truck. I turn that in at tax time. mower fuel is just mixed in with all my expenses for the season.
I used to save the receipts from the mowers but I don't any more. mowers are filled up with a diff card than my truck so I can track it that way if I need to.
I am solo but like I said I just follow what my accountant says and suggested.
and that is to keep track of the work mileage on my truck. I turn that in at tax time. mower fuel is just mixed in with all my expenses for the season.
I used to save the receipts from the mowers but I don't any more. mowers are filled up with a diff card than my truck so I can track it that way if I need to.
If he doesn't file for off road credit, he is probably behind the times and needs to retire,
think of What else is he could be
missing Posted via Mobile Device
You might not need to switch accountants, just inform your current one of this credit and he will probably thank you. The laws change so often that it is difficult to stay on top of everything.
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