Ok. I thought you could deduct fuel cost against revenue. You know fuel and taxes on the fuel. A woman at a TS insisted that you can deduct federal fuel tax against the amount of federal taxes you owe. I find that to good to be true.
Dumb fuel tax question
Discussion in 'Ask An Owner Operator' started by 77fib77, Sep 22, 2016.
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You deduct what you paid on your fuel ticket( as a business expense). Woman at TS must hang around the lunch counter.
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Yes the cost of fuel, including the fuel tax, is deducted against the gross income, which lowers your income taxes
double yellow Thanks this. -
Any charges that you pay to keep your trucking business running is a federal tax write off.
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Whatever you paid for the fuel, including Fuel Tax + whatever you pay with IFTA filing each quarter is a business expense and you write it off. She was right in that sense. But if she meant you write off what you paid for the fuel + IFTA and then again you write off the fuel tax (perhaps on 1040 Schedule C) then she was not. The trick is to understand that the pump price already includes the fuel tax and then IFTA quarterly filings adjust overpayments or underpayments.
77fib77 Thanks this. -
But it was in a truck stop, it has to be true .
77fib77 Thanks this.
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