New to this, O/O, is the truck an expense?

One more notable thing about depreciation is you are usually allowed to add the amount taken back into your adjusted gross income when applying for a Loan

 

Section 179 deduction is your friend.

Section 179 for Small Business Explained | Section179.Org

 

Yes and no. You can not expense all of it (but actualy you can) right away. Over the next few years. I think 5 you will be deprecating ita value (not market value but a set scedule to eventualy bring that asset value in your books to 0 it has nothing to do with what its actually worth.) the depreseasion is the expense you will use for reducing you tax laibility. That is if you made a profit according to your books... Actually it get very complicated. Hire an accountant. Tax laws change all the time... But accounting principles stay the same for the most part.