Im a trk driver looking to lease a trk, are the lease payments deductible on taxes and if so how much of them?

Question

i know there are a lot of deductions that come along with being in business for yourself, just not sure of amounts or percentages.

Answer 1

The lease payments are fully deductible as are all of the other operating costs.  The ONLY situation where the lease payments (and other costs for that matter) wouldn't be fully deductible would be if there was any PERSONAL use of the vehicle.  That's pretty common with cars, pickups, SUVs, etc., but would be rather unusual with a semi.

Answer 2

Your operating costs are deductible as a cost of doing business.  How much of the lease payments are deductible depends on the exact wording of the lease.  You need to speak to an accountant to get it straight.

Other operating costs (fuel, maintenance, etc) is fully deductible.  

I only mention this because I see so many people who think making something 'deductible' somehow makes them money, but remember that all deducting costs does is help in determining your actual net income.  You pay tax on how much you make after deducting your costs, so how much you deduct is how much it cost you (at best, it could be less in some situations)

Answer 3

Normally all of your expenses are deductible including lease payments.