tax claim question

Discussion in 'Business Operations' started by lawnjockey56, Dec 30, 2007.

  1. lawnjockey56

    lawnjockey56 LawnSite Member
    Posts: 227

    i purchased a truck in december of 06 and did not claim this truck on my 06 taxes, i thought i had read somewhere you could claim your work vehicle for the time that you are financing it. just looking for any input on this-or if you only cando so the first year you purchase it.
     
  2. nickslawn

    nickslawn LawnSite Member
    Posts: 83

    you can count a percentage off apprecation every year for 5 yrs.
     
  3. IN2MOWN

    IN2MOWN LawnSite Platinum Member
    Posts: 4,993


    You can claim anything you spend money on for your company. If you financed it then just add the monthly payment to your expenses every month.
     
  4. lawnjockey56

    lawnjockey56 LawnSite Member
    Posts: 227

    ty for the input guys-do you mean here to just take the monthly payment times 12? also any info on electric bill and phone bill? which i obviously use for computers and phone? i used to have a fam member who no longer is here to do my taxes and want to ensure i learn it all correctly. ty guys
     
  5. IN2MOWN

    IN2MOWN LawnSite Platinum Member
    Posts: 4,993



    yes thats what I mean.

    As far as your electric goes...I dont know what your situation is, my office is in my house so I can only write off a cetain percentage of my utilities such as gas, electric and water, but I write off 100% of my phone and cable.

    Are you doing your taxes yourself? If so you may want to think twice. I tried it one year and ended up in some hot water. Spend the few hundred bucks and do it right. CPA's know tons of loopholes and write offs that most people dont.
     
  6. delphied

    delphied LawnSite Silver Member
    Posts: 2,067

    Do yourself a favor and find a good tax accountant. And I dont mean HR Blockheads
     
  7. Frue

    Frue LawnSite Bronze Member
    Posts: 1,472

    you can ammend your 2006 taxes but please hire a proffesional. You do not want to see that irs folder in the mail wanting more info about your taxes.
     

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