This is my first year with my own authority and 2 trucks
What can I deduct as an expense for taxes
So far I have employee pay roll
Repairs
IFTAs
License plates
Insurance
Truck lease payments
And my fuel though the person helping me with taxes wants a count of how many gallons because they are saying that they can’t write the whole fuel amount off it does not seem right as it’s a business expense and it messes with the profit
Owner operator tax Question
Discussion in 'Ask An Owner Operator' started by DoubleATrucker, Jun 1, 2020.
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Lol, yeah, no. Every $ spent on fuel for the truck is an expense. They will need gallons for IFTA, but that’s another story.
Everything you legitimately spent on the business is deductible. PPE, truck washes, all maintenance, interest, subscriptions, phone, internet, registrations insurance, business travel, etc, etc, etc.feldsforever, ChevyCam, Svmuel and 3 others Thank this. -
Rideandrepair, Dave_in_AZ, feldsforever and 3 others Thank this.
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Rideandrepair Thanks this.
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Health care as well. Parking. Pretty good list already assembled.
Rideandrepair Thanks this. -
You have the wrong person doing your taxes.
Basically, anything that goes in or on that truck is deductiblebzinger, dunchues, Rideandrepair and 1 other person Thank this. -
Wasted Thyme, Rideandrepair and Dave_in_AZ Thank this.
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feldsforever and Rideandrepair Thank this.
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My tax man is an EA as well. It means he can speak to the IRS. Not everyone can.
OP, claim all incidentals to the truck - paper towels, truck washes, anything.
Also claim your phones, and internet.
Scale tickets, tolls, anything you use is an expense.blacklabel and Rideandrepair Thank this.
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