Ok, so I've recently bought a truck flat out (no payments), and become an o/o....and now I'm learning about all the tax laws pertaining to drivers. My question is, since I'm now my own business, does the amount I paid for my truck count as an expense, and lower my tax liability?
New to this, O/O, is the truck an expense?
Discussion in 'Trucker Taxes and Truck Financing' started by TresParlor, Aug 13, 2018.
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You need to talk to a cpa asap. They can tell you what you need to know. You should have did this before you bought the truck. Truck tractors are an asset that you depreciate over time. Again, talk to a professional now.
daf105paccar and PE_T Thank this. -
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You should have thought about this before you even considered buying a truck.
Get an accountant who can fix things up for you and explain what depreciation is and how it works.
Oh and to answer your question - NO.TheyCallMeDave Thanks this. -
Yes.
And you need to hire a mechanic as well. To repair or swap engines, and such. Also a tax liability deduction. -
Quick answer is yes, the cost of the equipment will lower your tax liability. But longer (and more correct answer) as @kemosabi49 said is to talk to your tax professional ASAP. You’ll save multiples in taxes over whatever you pay your tax advisor if done correctly.
BigDog Trucker Thanks this. -
The truck is a depreciable asset. And you can take those deductions over time, or all at once to lower your liability. Like the others said, you need an accountant or tax person to advise you on how to deduct that. Its best to get advice for long term filing, knowing which way is going to benefit you the most.
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I got an email about my post, so you guys are right by explaining it but the question was about it being an expense, which I said no. So he can't write it off as an expense, as bullhallers said it is a depreciated asset.
Yes I am being difficult today by taking everything literally.Stinky Dairy Air and buddyd157 Thank this. -
JonJon78 Thanks this.
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This is a new world, it is one where the owners of the past are going away and that may be quickly. I don't mean with ELDs or anything like that but because the business models that people are using are not going to adapt to the new technology that will be used within the market.Rideandrepair and TheyCallMeDave Thank this.
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