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Working on my taxes

Discussion in 'Business Operations' started by HPI_Savage25, Feb 8, 2013.

  1. HPI_Savage25

    HPI_Savage25 LawnSite Member
    Posts: 192

    Ok I do my taxes myself but I am wondering on a few things. I bought a truck in April and it is in my name, not the company name because I didn't know how to put it in the company name and haven't exactly looked into it really. 95% of its use is business use. I may drive it to school one day a week if that. I try to keep it strictly business and besides I have a Honda accord I get 30mpg instead of the 9mpg in the truck. I would like to claim the $6500 purchase price of the truck with a 3 year depreciation. I would like the 3 year because that's how long the loan is for and would help out the next 2 years also on my taxes. Other than my truck the rest is just fuel, parts, dump fees and a chainsaw. Total mileage I've put on the truck is 12,200 since I bought in April.
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  2. KeystoneLawn&Landscaping

    KeystoneLawn&Landscaping LawnSite Senior Member
    Posts: 774

    The questions you ask show why a good CPA is a must when running a business, give one a call today! You may/will get answers here, but IMO, anyone taking tax or financial advice from here is asking for trouble.
  3. HPI_Savage25

    HPI_Savage25 LawnSite Member
    Posts: 192

    My mom is an accountant and has been doing our own taxes for years. This is the only questions we weren't sure about
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  4. clydebusa

    clydebusa LawnSite Bronze Member
    Posts: 1,660

    Since the truck is in your name, you can change it by having your company buy it from you. Depending on a lot of issues, sometimes it is better just to get the mileage. As stated before, CPA can advise you on this. Usually there are more expenses having the truck as a commercial vehicle that needs to be considered.
  5. HPI_Savage25

    HPI_Savage25 LawnSite Member
    Posts: 192

    Yeah this year ill probably just do mileage cause it isn't in the company name. I'm still a full time student so Trying to keep some costs down. It is listed as "light duty commercial" on insurance.
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  6. are you incorporated then?
  7. HPI_Savage25

    HPI_Savage25 LawnSite Member
    Posts: 192

    Sole proprietor. Why?
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  8. if its in your name thats it, you don't have a company.
  9. larryinalabama

    larryinalabama LawnSite Fanatic
    Posts: 16,994

    Id write off everything you put into the truck, downpayment, all payments, tires fuel oil and so on.
  10. 205mx

    205mx LawnSite Silver Member
    Posts: 2,355

    Just reimburse yourself from the company checking account for mileage. It's ยข55.5 for every mile. In some cases it's not better than actual cost. Sometimes it is. Only way to know is to compare.

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