O/O tax write off

Anything and everything related to the business of making money. Including pens, stationery, computer, Software,etc

 

A reasonable about of space for a home office. I claim a 10' x 10' or 100 sf which is about 7.5% of the total sf of our home. Based on the 7.5%, I've claimed 7.5% of the property taxes, insurance, mortgage interest etc...

Additionally, a precent of the internet, cellphone, and electric is also claimed.

We've filed this way following our tax advisor direction since opening the business on July 2013.

I also claim all food, coffee, and other eats/drinks or supplies I need while on the road.

We have a separate checking account for the business that is strictly used for the business and this account is very helpful for taxes. If its a purchase in this account, its a business related expense. KISS Hope this helps... Tks, PK

 

Why don't you just hire a good CPA familiar with the trucking industry?
You'll save $200-300 doing it on your own, but the deductions you'll miss will cost you more than that.
"I got tolls/fuel/tires/parts/repairs. Any tools I've bought to work on my truck. Anything else?"
Equipment depreciation, per diem for everyday you were on the road....

 

Don't forget the cost of an accountant to do your taxes right, that is a deduction.

 

Taking the home office deduction is fine but remember:

The space has to be EXCLUSIVELY used for business. If you store any personal items there, or use it for a guest room, it does not qualify.

Any depreciation of the home office must be re-captured when selling a home.

 

Back in 1991 during an audit where I got screwed HARD. I was told as a trucker without authority, home office is a red flag for examine closer. Havent used it since, dont no if its still that way. Just not worth it to find out.

 

Yes it shows to still be a red flag so I don't take a chance. My deduction for a home office would be next to nothing anyway.