taxes
go to become a owner operator local runs 350 what can i take off on taxes like truck payment,tires, fuel,gps need help with this Thanks
As An owner/operator you can deduct all expenses except mileage on straignt truck or tractor.
since the truck woudl be depreciated
Cargo Van 5 years mileage only or depreication 5 with a 6 year life
Straight Truck 5 years straight line depreiation with a 6 year life
Tractor Trailer 3 years depreciation with a 4 year life
Tractor
Since your run local (350 miles) no Per Diem is allowed unless you stay away from home for more than 1 day (24 hrs)
Franklin Katz, RTP, ATP ,PA, PB,
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
e-mail: [email protected]
Providing Professional Accounting Services and Income Tax Preparation
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.
