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Question for you tax gurus
#1606914
01/12/16 12:32 AM
01/12/16 12:32 AM
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Joined: Dec 2006
Posts: 5,018 Mt. Olive
Sharpshooter69
OP
12 point
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OP
12 point
Joined: Dec 2006
Posts: 5,018
Mt. Olive
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What are the pros and cons, or the requirements of claiming a vehicle purchase on your income tax return. I bought my truck specifically to work out of, but I do not own my own business. I had to have a vehicle to haul my travel trailer, and haul my equipment to and from job sites. Any advice is appreciated.
The only thing necessary for the triumph of evil is that good men do nothing.
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Re: Question for you tax gurus
[Re: Sharpshooter69]
#1606926
01/12/16 02:01 AM
01/12/16 02:01 AM
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Joined: Sep 2004
Posts: 2,777 Athens, GA
WildlifeBiologist
10 point
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10 point
Joined: Sep 2004
Posts: 2,777
Athens, GA
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Pros: can lower your tax liability. Cons: record keeping can be a headache. Spend $70 and get TurboTax for Home & Small Business. It will guide you through tax deduction scenarios and may help you find deductions you have not thought about.
Micah 6:8
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Re: Question for you tax gurus
[Re: toothdoc]
#1606984
01/12/16 03:34 AM
01/12/16 03:34 AM
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Joined: Sep 2006
Posts: 2,685 West Florida
westflgator
10 point
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10 point
Joined: Sep 2006
Posts: 2,685
West Florida
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You should still be able to deduct, but you will have to log your miles. There are some apps you can use to log miles. Cashbook is a good one for keeping up with all your business expenses including mileage. I think it's a $4 to 5 app. It will automatically backup to the cloud if you set it up that way as well... I'm not a CPA but I believe you have to decide whether you're going to count actual expenses, or if you're going to count mileage? I don't believe you can count both. Another question your CPA (if you use one) will ask...do you have another vehicle for personal use? If not, then you won't be able to count off 100% of the mileage or expenses but only the percentage that you use for business, which requires the keeping of records as mentioned by Toothdoc above.
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Re: Question for you tax gurus
[Re: Sharpshooter69]
#1607015
01/12/16 04:16 AM
01/12/16 04:16 AM
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Joined: Nov 2007
Posts: 249 Decatur, AL
Chris4x4Gill2
4 point
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4 point
Joined: Nov 2007
Posts: 249
Decatur, AL
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The company has NO obligation to pay mileage unless it is their policy. If you are reimbursed mileage by your company you can not take a deduction for that mileage. If you are not reimbursed, you can take it as an Itemized Deduction on Schedule A. Commuting mileas are not deductible. https://www.irs.gov/taxtopics/tc514.html
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Re: Question for you tax gurus
[Re: WildlifeBiologist]
#1607324
01/12/16 08:43 AM
01/12/16 08:43 AM
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Joined: Dec 2006
Posts: 5,018 Mt. Olive
Sharpshooter69
OP
12 point
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OP
12 point
Joined: Dec 2006
Posts: 5,018
Mt. Olive
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Pros: can lower your tax liability. Cons: record keeping can be a headache. Spend $70 and get TurboTax for Home & Small Business. It will guide you through tax deduction scenarios and may help you find deductions you have not thought about. I get reimbursement for mileage, and yes I have another personal vehicle. The truck is used as my work vehicle. My travel trailer is also only used for work. That's why I bought both of them. I'm an independent contractor. I work for several different companies at different times. Sometimes the jobs last a month, sometimes over a year. (Gas and oil industry). My main question is, can I use the price I paid for my truck, and upkeep, tires, oil changes, etc, as some type of deduction ? I know mileage is out of the question.
Last edited by Sharpshooter69; 01/12/16 08:49 AM.
The only thing necessary for the triumph of evil is that good men do nothing.
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Re: Question for you tax gurus
[Re: Sharpshooter69]
#1607337
01/12/16 08:58 AM
01/12/16 08:58 AM
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Joined: Nov 2011
Posts: 21,789 USA
Remington270
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 21,789
USA
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Pros: can lower your tax liability. Cons: record keeping can be a headache. Spend $70 and get TurboTax for Home & Small Business. It will guide you through tax deduction scenarios and may help you find deductions you have not thought about. I get reimbursement for mileage, and yes I have another personal vehicle. The truck is used as my work vehicle. My travel trailer is also only used for work. That's why I bought both of them. I'm an independent contractor. I work for several different companies at different times. Sometimes the jobs last a month, sometimes over a year. (Gas and oil industry). My main question is, can I use the price I paid for my truck, and upkeep, tires, oil changes, etc, as some type of deduction ? I know mileage is out of the question. Depreciation perhaps?
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Re: Question for you tax gurus
[Re: Sharpshooter69]
#1607385
01/12/16 09:36 AM
01/12/16 09:36 AM
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Joined: Dec 2006
Posts: 5,018 Mt. Olive
Sharpshooter69
OP
12 point
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OP
12 point
Joined: Dec 2006
Posts: 5,018
Mt. Olive
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Not sure. Think I'll just find me a good CPA. Any suggestions on a good one around Cullman ?
The only thing necessary for the triumph of evil is that good men do nothing.
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