Anyone here know about business taxes?

The #1 community for Gun Owners in Indiana

Member Benefits:

  • Fewer Ads!
  • Discuss all aspects of firearm ownership
  • Discuss anti-gun legislation
  • Buy, sell, and trade in the classified section
  • Chat with Local gun shops, ranges, trainers & other businesses
  • Discover free outdoor shooting areas
  • View up to date on firearm-related events
  • Share photos & video with other members
  • ...and so much more!
  • CHCRandy

    Master
    Rating - 100%
    5   0   0
    Feb 16, 2013
    3,699
    113
    Hendricks County
    What I am wondering is I am self employed and I write off mileage on my trucks instead of expenses. If I buy a new truck can I write off purchase price and still take mileage? Does truck have to be in business name? My buddy told me he bought a new truck and his tax guy said he couldnt write it off since he takes mileage...just wondering if that is correct. His truck was bought in his name instead of his business name.....does that makes a difference?

    Thanks
     

    bigretic

    Master
    Rating - 100%
    71   0   0
    Jan 14, 2011
    2,183
    83
    NWI
    To my understanding, Either mileage or expense - not both. As for the truck in the business name, the business takes all the expense, there is no mileage write off. You depreciate the capital expense of the truck purchase. (unless you lease...)
     

    dfcrane

    Marksman
    Rating - 100%
    60   0   1
    Feb 25, 2011
    194
    34
    South West Indiana
    If you take a 53.5 cents per mile deduction, that rate includes both fuel and fixed costs of the vehicle. You can not write off the cost of the vehicle and take the mileage deduction also because that would be deducting the cost of the vehicle twice.
     

    hoosierdoc

    Freed prisoner
    Rating - 100%
    8   0   0
    Apr 27, 2011
    25,987
    149
    Galt's Gulch
    What if the business owns it and you rent it from the business, but default on the rental contract? :):

    Business loss on the rent value plus depreciation of the car. Perfect!
     

    CHCRandy

    Master
    Rating - 100%
    5   0   0
    Feb 16, 2013
    3,699
    113
    Hendricks County
    Thanks guys. Now for question 2. If I have 2 trucks, both in my name....do they both have to take mileage or expense? In other words, can the old truck take mileage and the new truck take expenses? Thanks again.
     
    Top Bottom