Tax question

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

  1. Yard.Barber

    Yard.Barber LawnSite Senior Member
    Posts: 314

    Okay, I'm having a dumb moment here. Not the first time.

    so basically you all are filling your trucks up and after that swiping your card again to fill up containers that hold your fuel so you have a seperate receipt?
     
  2. jimmyzlc

    jimmyzlc LawnSite Senior Member
    Posts: 376

    OK, I know fuel is an expense. I just keep reciepts for all the gas I buy. But, I can get a tax credit for only the fuel purchased for the mowing equipment, which needs to be shown in gallon form. Is that correct?
     
  3. ECS

    ECS LawnSite Bronze Member
    Posts: 1,732

    For me that one is easy because my truck is diesel and mowers gas. Another way to do that would be to use two separate pumps, then both pumps will be listed on one reciept. I have filled up my truck from 1 pump, mowers from another pump and wife's JEEP from a a third pump. Paid for all three at once, all three pumps with the price and gallons for each pump and a total at the bottom.
     
  4. ECS

    ECS LawnSite Bronze Member
    Posts: 1,732

    That is correct. I keep a spread sheet with all my expenses broken down and a column for the # of gallons purchased as off road gas and a column for the $ amount of the off road gas, totaling it up for the year.
     
  5. jimmyzlc

    jimmyzlc LawnSite Senior Member
    Posts: 376

    Thanks everyone who replied, that's good to know and should not be to hard to seperate. I get most of my fuel with 2 pumps to an island and fill one with the truck and the other fills the mowers.
     
  6. Yard.Barber

    Yard.Barber LawnSite Senior Member
    Posts: 314


    that makes sense to me. thanks
     
  7. ECS

    ECS LawnSite Bronze Member
    Posts: 1,732

    Your welcome.
     
  8. TJLANDS

    TJLANDS LawnSite Bronze Member
    Posts: 1,669

    You guys make this all to complicated.
    Every penny spent on gas is deductible. 100%
    Every gallon bought for use in equipment is eligible for an extra tax "Credit"
    which you have to file for. Ask you accountant or google the forms.
    You must keep a log.
    Keeping separate receits would be nice but not necessary. Been there.
     
  9. jimmyzlc

    jimmyzlc LawnSite Senior Member
    Posts: 376

    Anybody know the tax form number?
     
  10. lawnman_scott

    lawnman_scott LawnSite Fanatic
    Posts: 7,547

    The gas isnt deductable if you take the mileage credit.
     

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