I run a bussiness that requires me to use my truck all day every day,can i write off the payments and insur.?

Question

i do milage now

Answer 1

Yes, you can.  However, the IRS requires you to maintain a mileage log for that vehicle which described how much the vehicle is used for business and personal purposes.  If this vehicle is used for both business and person purposes, you will only be able to deduct that percentage of the total mileage and expense that equals the percentage of business use as opposed to personal use.

For more information, visit http://www.irs.gov

Answer 2

In response to the use of a home office..... be careful with this one as if you choose to take the deduction for the home office (and this is calculated by the square footage of the office compared to the rest of the home. That percentage can also be used to calculate the percentage of utilities, etc as a deduction.) then when you finally sell your home, you'll have to calculate all the deductions previously taken and adjust your gain accordingly.  There could easily be additional tax adjustments when this is done that can actually  be detrimental to you when the dust settles.

As far as the truck is concerned, if the truck is used 100% of the time as a business vehicle, all expenses can be deducted. Keep all records and receipts for backup purposes. If it's not 100%, then only that portion of the business usage can be deducted. Mileage records, receipts, records must be kept to verify the business usage. Any good tax program can easily determinje if it's best to use the mileage figure or actual expenses incurred. Choose the one that provides the best deductible amounts in your particular case.

Check with a good tax accountant but generally this is what I do.

Answer 3

I would have a tax person give you the details. The cost of the velhicle can be deucted over a number of years. The number of miles. The insurance should be able to be worte off as a business exspence.  You need to keep gas recorder recpites. And be able to prove it. This also cover repairs or a renter vehicle. Each state have their own rules.

Answer 4

No.  But you can write off the commercial use of your truck at the price per mile your state authorizes.  Of course, if you're using it for commercial purposes, you have commercial tags and insurance on it, right?

Your tax consultant would have the best answers.

Answer 5

Yes if the truck is used for your business.

A few yrs ago I went out and purchased an $80,000 semi to become an Owner-Operator truck driver. My accountant stated that a certain % of my truck pymts can be deducted on my taxes.

Also, if you run your business from your home & have a room that is DEDICATED SOLELY as your office, a % of your mortgage, utility bills can be included as a deduction also. It's best that you hire a tax professional or accountant to make sure you get all deductions available to you. I was going to go it alone, but I was glad I paid to have a pro do my taxes. There was tons of deductions that I hadn't even thought of when it came time to fill out my tax papers.