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Tax Stuff
Posted: Mon Jan 07, 2008 12:56 am
vva.patriot
Joined: 21 Dec 2007
Posts: 8
Location: Hideaway, Texas
Anybody like to share how you handle tax issues for the business, like standard mileage deduction or actual cost, other deductables
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Posted: Mon Jan 07, 2008 3:45 am
Tom Cobb
Site Admin
Joined: 29 May 2006
Posts: 563
Location: Hurst, TX
You cannot use the standard mileage deduction. You must use actual expense.
http://www.irs.gov/pub/irs-pdf/p463.pdf (see page 17 under CAR DEFINED - note the weight and then on down it also defines how trucks are used.) Note the definition is for a CAR and the word car is used through out the discussion of the standard deduction and depreciation.
Since standard mileage deduction is for CARS as defined you in the CAR DEFINED section you cannot use the standard deduction. You must use actual expenses.
Go through this publication. There are some special deduction rates for meals, per diem, etc. for the transportation industry.
_________________ Former owner/operator of Big T Transport Services - transporting horse and stock trailers, RV's, boats, car haulers, utility trailers, and anything else that can be towed by a 3500 dually.
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