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tax deductions

Discussion in 'Business Fundamentals' started by jbart06, Jan 4, 2013.

  1. jbart06

    jbart06 Member
    Messages: 48

    Im sure this has been brought up before but here goes.
    I am a one truck operation, I subcontract mostly. I have my truck and a motorcycle no other vehicles. WHAT CAN I DEDUCT AND HOW MUCH?
    I know because my truck is my primary daily driver as well as work vehicle i can only do a percentage from what I have been told?

    Truck payments, insurance, fuel, tires, other maintenance on the truck.
    How do you guys do this to make the most of it? those of you that are subs i suppose I am directing this at. I know my boss deducts all of these things but he has several trucks and can do that without being flagged. Myself being its my primary driver idk how much I can deduct.
    any ideas? besides seeing an accountant.
  2. Cover Guy

    Cover Guy Senior Member
    Messages: 224

    At the very least you can take the mileage that you use for your company which is much more than what you spend for fuel and maintenance
  3. blazer2plower

    blazer2plower Senior Member
    Messages: 544

    I find all kinds of stuff to right off. Mileage. Maintenance. I plow for a few churches and one of them Is a complete right off. As a donation. Talk to your accountant / CPA
  4. fireside

    fireside Senior Member
    Messages: 726

    Talk to your CPA they can run the numbers all diffient ways. I have 3 truck one that is my everyday driver so we write off 50% as business than the others 100% business. Just keep track of milage,fuel , and maintance cost during the 5 winter months.Than he can tell you were you get the most.
  5. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    At least start yourself off as a DBA,Keep anything related to snowplowing separate from your personal stuff. Don't forget to write off your GL insurance.
  6. jbart06

    jbart06 Member
    Messages: 48

    Oh I definitely do keep everything separate already, hang onto all my receipts and whatnot as well.