Tax expenses for the truckmount

[Jesse Brownson]

Wondering how everyone does their taxes when it comes to truckmounts? I know taking the mileage pays decent but I am wondering if I would be better off to itemize the fuel and repairs seeing as the van is running while the odometer isn't.

 

[bob vawter]

one thing....you can write off the road tax
on the fuel that the TM uses

 

[bob vawter]

better off to itemize the fuel and repairs seeing as the van is running while the odometer isn't.

don't you write off ALL the fuel you use?

 

[Jesse Brownson]

don't you write off ALL the fuel you use?

Yes I write off all the fuel I use. However, I have the option to either itemize my fuel, repair and maintenance cost or I can just claim my mileage. I believe the current payout is 54.5 cents a mile. I am not sure if that varies from state to state though.

 

[J Scott W]

If you can calculate the fuel that is used when the vehicle is cleaning carpet and not being driven, you can count that fuel plus the mileage deduction. This assumes you are operating only 1 business vehicle and you are Sole Prop or S corp.

You can also get a refund (not just a deduction) for the road tax paid for fuel not used on the highway, as Bob stated. That can really add up.