Tax Question?

Discussion in 'Trucker Taxes and Truck Financing' started by WCM, Feb 11, 2012.

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  1. Feb 11, 2012 #1
    WCM

    WCM Light Load Member

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    I have used the same tax man for the past 15 years and he said you can't use your truck payment as a write off which I've alway's questioned this? Does anyone know if he's correct or is he wrong. My thought is the payment comes out of your earnings so why can't you write it off. ?


    Thanks, Bill
     
    WCM, Feb 11, 2012
    WCM, Feb 11, 2012
    #1
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  3. Feb 11, 2012 #2
    Roadmedic

    Roadmedic Road Train Member

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    For the same reason you cannot deduct your house payment.
     
    Roadmedic, Feb 11, 2012
    Roadmedic, Feb 11, 2012
    #2
  4. Feb 11, 2012 #3
    WCM

    WCM Light Load Member

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    I now understand.. Thanks!!
     
    WCM, Feb 11, 2012
    WCM, Feb 11, 2012
    #3
  5. Feb 11, 2012 #4
    xiipercent

    xiipercent Medium Load Member

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    I think that's a little misleading. It requires more discussion and explanation.

    For instance...A leased driver making 52 weekly payments of 500 is'nt going to have his earnings taxed at a rate $26,000 higher than what he earned.
     
    xiipercent, Feb 11, 2012
    xiipercent, Feb 11, 2012
    #4
  7. Feb 11, 2012 #5
    Roadmedic

    Roadmedic Road Train Member

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    Why discuss it more?

    He asked about a truck payment, not a lease payment.
     
    Roadmedic, Feb 11, 2012
    Roadmedic, Feb 11, 2012
    #5
  8. Feb 12, 2012 #6
    revelation1911

    revelation1911 Heavy Load Member

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    Think the poster don't understand depreciate versus payment
    and intrest deduction, Just uses up more lines on a form.
     
    revelation1911, Feb 12, 2012
    revelation1911, Feb 12, 2012
    #6
  9. Feb 12, 2012 #7
    mgfg

    mgfg Road Train Member

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    It's amazing that people in general that are in "business" for themselves and they don't understand simple tax law. I'm NOT suggesting that every one be a CPA but they should have a basic grasp as to what's legal and what's not.
     
    mgfg, Feb 12, 2012
    mgfg, Feb 12, 2012
    #7
    heyns57 and RickG Thank this.
  10. Feb 12, 2012 #8
    BAYOU

    BAYOU Road Train Member

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    You can right off interest on your truck payment I always pay for my truck in full and yes I right that off all at once
     
    BAYOU, Feb 12, 2012
    BAYOU, Feb 12, 2012
    #8
  11. Feb 12, 2012 #9
    gerardo1961

    gerardo1961 Road Train Member

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    my question is can i deduct the money for me showers yes or not when yes how much i can put in my tax, and i pay every mounth for my truck and my taxmaker deduct everythink from me gross
     
    gerardo1961, Feb 12, 2012
    gerardo1961, Feb 12, 2012
    #9
  12. Feb 12, 2012 #10
    BAYOU

    BAYOU Road Train Member

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    Why are you paying for showers?
    If you take per-diem no you can not per-diem is for your meal,shower,and lodgeing ect
     
    BAYOU, Feb 12, 2012
    BAYOU, Feb 12, 2012
    #10
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