Tax question

Discussion in 'Business Operations' started by jimmyzlc, Jan 12, 2009.

  1. jimmyzlc

    jimmyzlc LawnSite Senior Member
    Posts: 376

    Is there a deduction you can take for the gasoline you purchase? I thought I had seen something about it on here, but cannot find the thread. Anyone know what I am talking about. Thanks.
     
  2. Marvelous Gardens

    Marvelous Gardens LawnSite Member
    Posts: 119

    Yes you can write off your offroad fuel for your equiment and vehicle. I believe there is also some type of tax credit, be sure to have the number of gallons you hve purchased. Hope this helps, I would contact your tax professional for a more accurate answer.
     
  3. phlandscaping

    phlandscaping LawnSite Member
    Posts: 92

    Yes! Last year it was under my expense section I do believe! Along with parts... (Trimmer String, blades....)
     
  4. bohiaa

    bohiaa LawnSite Fanatic
    Posts: 5,220

    100 % equiptment fuel, .50? per mile, 100% ag.
    dont mess with the offroad. if you get ag fuel. dont put it in your truck.
     
  5. Marvelous Gardens

    Marvelous Gardens LawnSite Member
    Posts: 119

    I did not mean ag fuel. I consider all fuel not used in my truck off-road, and thats how I have it set up in quickbooks, it is an expense. In the memo I put the gallon amount on each receipt. I keep my truck fuel in seperate category so I can monitor my miles and fuel charges closely. Sorry for the confusion.
     
  6. Frontier-Lawn

    Frontier-Lawn LawnSite Silver Member
    Posts: 2,939

    last year when H&R Block did mine i was told either i could take the fed and local tax off per gal for the equipment gas or take .45$ per mileage for the year for the truck.
     
  7. Fvstringpicker

    Fvstringpicker LawnSite Fanatic
    Posts: 7,592

    Fuel is an ordinary and necessary expense of doing business. Accordingly, it is deductible. Your question however seems overly simplistic.
     
  8. Marvelous Gardens

    Marvelous Gardens LawnSite Member
    Posts: 119

    I cant see where your gas used in your equipment has anything to do with your truck mileage. I was told you can either use the expenses occured from your truck like oil changes, tires, parts, repairs, etc. or the mileage but not both. The equipment fuel should be a seperate expense. But I could be wrong
     
  9. Fvstringpicker

    Fvstringpicker LawnSite Fanatic
    Posts: 7,592


    No, you are right.
     
  10. ECS

    ECS LawnSite Bronze Member
    Posts: 1,732

    Off road fuel/gas is a tax credit on the hiway taxes paid and the remainder is treated as an expense. This means that all your off road fuel is a 100% expense.

    All fuel/gas for equiptment needs to be kept separate, with separate reciepts, from any fuel purchased for your vehicles.

    The mileage allowance for 2008 was $0.505 from Jan 1, 2008 - June 30 2008 and then became $0.585 from July 1, 2008 - Dec 31, 2008. The rate established for 2009 is now at $0.55 per mile, down $0.035 from the $0.585 used for the second half of 2008.
     

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