My truck??

Discussion in 'Starting a Lawn Care Business' started by jcal0914, Jul 19, 2010.

  1. jcal0914

    jcal0914 LawnSite Member
    Messages: 9

    Can I write off my truck note on the company taxes once it is established or what?
  2. jonny119x

    jonny119x LawnSite Member
    Messages: 31

    call your accountant. Their the only one that knows! hehaw
  3. MowHouston

    MowHouston LawnSite Bronze Member
    Messages: 1,012

  4. kemco

    kemco LawnSite Bronze Member
    Messages: 1,077

    If I am remembering correctly, yes, you could possibly but only to the extent it is used for business purposes. Example: If you use your truck for business 60% of the time it may be possible to write off 60% of your truck note. Or you can take the milage deduction for the milage used for business purposes. Problem with writing off a "percent" would be come audit time. IRS will want you to have a written record proving that your truck was used 60% of the time for business. REally the only way to substantiate that use would be to have a milage log. So since you are keeping a milage log, why not take the standard deduction for milage? Heck, with the miles I put on my truck for business use I am deducting way, way more than I could if I was basing it on my truck note (which is quite large) and a percentage of use. And again, I would need to keep up with the miles anyway. Best ask an accountant though. And remember the burden of proof for any deduction is on you, the taxpayer... not the IRS.
  5. jcal0914

    jcal0914 LawnSite Member
    Messages: 9

    Excellent information guys.

    Keep 'em coming!
  6. socallawndude

    socallawndude LawnSite Member
    Messages: 100

    What kemco said is exactly correct, not much more you could learn about it than what he said. If I remember correctly the mileage deduction is $0.58 per mile, so at the end of the year that's pretty substantial. Keep track of your mileage and that's really all you need to do. Ask an accountant too though
  7. bohiaa

    bohiaa LawnSite Fanatic
    Messages: 5,220

    Dont keep track of you milage for Business use.....

    Do it backwards. Keep track of your useage for personal uses.

    trust me. it will be less paperwork
  8. jcal0914

    jcal0914 LawnSite Member
    Messages: 9

    So I can take off per mile or take % of truck note and depreciation? Right?
  9. TheGoat

    TheGoat LawnSite Senior Member
    Messages: 273

    If you put business Graphics on your truck(or any vehicle you own for that matter) you can write 100% of it off as an advertising expense.

    And generally you can write off 20% of capital assets(mowers, trucks, computers, real-estate) per year, weather you pay for 20% of it in that year or not
  10. unkownfl

    unkownfl LawnSite Gold Member
    Messages: 3,837

    It all depends on how you do your taxes. The simple answer is yes of course you can write off your truck... The method is going to take some time on your part or an accountant to figure out which way benefits you most. You can lease the vehicle to your company, take mileage* not milage or depreciate the vehicle and save recipes.

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