Tax deductions on truck purchase

The fundamental rule is that everything you spend money on for your business is “tax deductible” one way or another.

Things like trucks and trailers are assets, and assets are depreciated. Depreciation rules are not for the timid, and any depreciation decision should be made with the advise of a CPA.

Things like interest, phone bills and fuel are expenses.

The basic formula is: Revenue - expenses - depreciation = taxable income.

If you aren’t interested in this stuff, pay someone who IS, as taxes should be a fundamental part of your business plan.

 

Your finding mixed answers because your not asking an accountant.

 

You need a good accountant period!

This isn’t a Walmart job with a simple tax form. There are way more angles to this that many of us either don’t know of or never thought about

There have been years where mine has cost me a few grand but he also saved us way more than any fees charged
It sucks paying even $1,000 but if you save $10,000 then it’s a good return