Alright so I have heard of it being done before by other people but I am curious if anyone else has done it. Can you claim a deduction on time spent repairing trucks and trailers on taxes? If shops can I don't see why I can't.
Deduct Time Spent Repairing Truck or Trailer
Discussion in 'Trucker Taxes and Truck Financing' started by Jimmbuds, Mar 13, 2018.
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Not on your lost time. Parts and materials for the repairs, yes; value of your lost time, no.
LGarrison Thanks this. -
I've "been told" some will make up fake invoices from none existing "mobile repair shops" like you see pop up on Craigslist.
Brucely Thanks this. -
misterG, kathyegan, LGarrison and 1 other person Thank this.
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Sure you can ... all you have to do is show the receipt of payment to yourself on your business ledger. Then declare the income on your personal taxes.
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JoelP Thanks this.
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Yeah, just get audited and if they discover a false receipt, they will tear into everything and I mean everything.
To the IRS, your time doesn't count. YOU can't charge yourself for something you have.kathyegan, Justrucking2 and mtoo Thank this. -
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Every month 400 people find a job with the help of TruckersReport.
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