Schedule C Question

Discussion in 'Business Operations' started by Kickin Your Grass, Feb 6, 2007.

  1. Kickin Your Grass

    Kickin Your Grass LawnSite Senior Member
    Posts: 479

    I'm claiming standard mileage rate on my new truck that I bought in 2006. Im kinda confused on something about it. My question is


    Is the commercial auto insurance suppost to go on line 15 (Insurance) or is it part of the Standard Mileage Rate.
     
  2. scott's turf

    scott's turf LawnSite Senior Member
    from NH
    Posts: 949

    you can only do one or the other. If you think it is more profittable to do the standard mileage rate then do that. If not you can write off all of you vehicle expenses assuming the vehicle was used 100% for business. If not you will have to multiply the expenses by the portion used for business purposes only.
     
  3. mojob

    mojob LawnSite Senior Member
    Posts: 515

    Insurance is separate from the mileage rate. I'm going by what I've seen on the Profit/Loss worksheet. I have an older truck, which will probably require more repairs than your new truck, so I claim actual expenses for it. You probably already know this, but once you use one method, you can't change it for the life of the vehicle.
     
  4. Total.Lawn.Care

    Total.Lawn.Care LawnSite Senior Member
    Posts: 841

    Commercial Auto Insurance is a business expense, not an auto expense. List it in line 15
     
  5. Total.Lawn.Care

    Total.Lawn.Care LawnSite Senior Member
    Posts: 841

    Also, you can only use standard milage if you operate only one truck for business purposes. If you have two vehicles that you use in your business, then you have to use the actual expenses incurred method.
     
  6. Kickin Your Grass

    Kickin Your Grass LawnSite Senior Member
    Posts: 479

    Thanks for the help guys.
     
  7. Jason Pallas

    Jason Pallas LawnSite Bronze Member
    Posts: 1,325

    While your at it - don't forget to get the non-highway/road use fuel tax credit. That one can really add up
     

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