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Discussion in 'Lawn Mowing' started by The landscaper, Feb 10, 2005.
Is it possible to deduct both miles and gas costs, or do you have to choose one or the other?
If I am not mistaken my cpa told me you could do only one.
I do the milage deduction.I seem to come out better.
You can take the milage deduction for your vehicle, which when I did the numbers with my cpa came out better than depreciation, and then deduct the gas you put into your equipment.
This is only for FEDERAL, you may also be eligible for additional refunds/credit from your STATE.
mtdman, you can take mileage deduction AND depreciation for your business use vehicle.
Did you guys hear that mleage is going up to 40.5 cents a mile for this year? Any way yes you can deduct miles and then the gas used in equipt seperate.
It depends on the size and type of your truck and how you use it with in the company. If you have a pickup and use it for personal along with the business, then you need to track mileage every time you go out on business. Talk with your CPA and let him set up a standard for your way of opperation.