Trucker Tax Tips & Deductions

If you use the cash basis, you would count income in the year that it is received, and expenses in the year paid. Using your example, even though the weekly settlement contains payment for a couple of days from 2015, all of it would be counted as income in 2016, since all of it is received in 2016.

1099s are prepared using the cash basis.

 

Yes

 

I have a tax question about leasing.

If you lease a truck to start ur own business do you actually get any money back at the end of the year IE: do you get your truck payments, fuel etc. money back in your tax return since its all 100% deductable?? please let me know thanks for the speedy reply. Please PM the info.

 

Nope. You will pay in something.