question about writing off gas

Discussion in 'Trucker Taxes and Truck Financing' started by randiesel, Mar 22, 2011.

  1. randiesel

    randiesel Bobtail Member

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    i heard that if you own your own business that you can "write off" gas and get it for free some how. That doesn't seem right to me because as much as I drive that'd be like giving me thousands of dollars a year in gas. Any insight on this?
     
  2. Lilbit

    Lilbit Road Train Member

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    You can write off auto expenses for the year, either via actual receipts or you take the standard mileage deduction for the business miles driven on the vehicle. I don't know what the current deduction is, as it has been a few years since I used it. It works out pretty well, but you do need to keep a mileage record of each trip, where it was to, what it was for, starting and ending mileage.

    Check out the IRS website for info on this. They have a lot of info available in various publications for business owners. Talking to an accountant would also be a good idea.
     
  3. 112racing

    112racing Road Train Member

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    only when the vehicle is actually used for business purposes ....must keep track of the miles