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tax time

Discussion in 'Lawn Mowing' started by newblade, Feb 7, 2005.

  1. newblade

    newblade LawnSite Member
    Posts: 162

    I am wanting to buy a truck and I only mow part time. How much time do I have to use the truck in order to count it as a deduction on my taxes. If I do this can I still count milage?

    Thanks :cool2:
  2. Roger

    Roger LawnSite Fanatic
    Posts: 5,923

    ... a question best asked of the person perparing your taxes -- not a lawn mowing question. There are too many ways to deal with such capital acquisitions. The GVWR will be important to the answer.
  3. Doster's L & L

    Doster's L & L LawnSite Senior Member
    Posts: 616

    I'm no tax genious or anything, but the way I see it, if there is ANY expense that costs someone to operate a business of ANY size, then it gets written off as a tax deductible. I hope this helps ya! Good luck!
  4. tiedeman

    tiedeman LawnSite Fanatic
    from earth
    Posts: 8,745

    talk with an accountant. Then they will also tell you about truck expense vs. mileage
  5. twins_lawn_care

    twins_lawn_care LawnSite Senior Member
    Posts: 932

    definitely talk to an accountant for the correct answer, but I'll add my own thoughts..

    if you are going to use a vehicle for personal and business use, you basically can keep track of the amount used for each. then, at the end of the year, either use the expenses method, or mileage method to determine how much of a deduction you can take.

    Personally I use the mileage method, and kept a record of all business related mileage driven, and on which days. then, end of the year, added up all the miles, and multiplied it by the federal mileage rate (which I think was 37.5 cents last year) and that's the deduction I got for the vehicle.

    if you are considering a newer vehicle, it may be more advantageous to use the expenses method, as you'll have much more expenses than me. If you go used, on a fairly inexpensive truck, it may work out better to use the mileage deduction. this is where a good accountant can help you out.

    hope this helps, and by no means do I claim to be an accountant, so take this message for what you paid for it. :p

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