can i get a reinbursment on my truck that i bought for my buiss. if so how?
2007-01-01 08:44:39 · 5 answers · asked by grady c 1 in Business & Finance ➔ Taxes ➔ United States
You might do better asking a CPA. The short answer to your question about the truck is yes, but there are several things to think about. How good was your record keeping regarding the truck and other expenses? If you have no records, there is no deduction to be had.
If you want to do some research yourself, start at the link below.
2007-01-01 08:51:17 · answer #1 · answered by skip 6 · 1⤊ 0⤋
The easiest is to have your paperwork together and go to a tax office. Depends on the weight of your truck. You can count depreciation off quite a bit the first year if it was a new vehicle. Keep records of everything. Your tax professional will tell you what is needed for additional years. Call them and ask them what to bring in. Plan on about an hour at least. No use rushing in order to get you the maximum refund.
2007-01-01 09:46:38 · answer #2 · answered by perleo 3 · 0⤊ 0⤋
There is no easy way.
You will have to file an SE form for Social Security in order to progress to your 1040. There are other forms along the way, which address businessexpences such as insurance, travel, tools, expenditures you make in your business. And then there is a form to depreciate your capital investments, depreciation over a period of years on your truck, tools etc. and on and on.
I always found the easiest way with the most legal deductions is to make your business into an S corporation. A single person can do this. You do this through your state. When you get your ID# your income is collected by the Corp and pays you by either a salary or profits. It sounds crazy but is legal. You can rent your home office from yourself, rent or write off your tools etc. and deduct these expenses from your profit which actually is your income. However this would have to be for another year.
It sounds complicated but once you get into it it is fairly simple. Most states require a annual fee for this. In NH it is $250 a year.
The self employed are really treated unfairly by our tax system. The government almost forces the self employed to run cash businesses and to cheat. However if you like owning your own house car etc. it isn't worth the risk to cheat. If caught they will lien on your possesions whether you are right or wrong.
Legally, in our tax system, you are guilty, if the IRS says so, until you can prove yourself innocent. They have the resources, we do not.
Have fun.
2007-01-01 09:41:44 · answer #3 · answered by jimmiv 4 · 0⤊ 1⤋
yes you can just make sure you have all of your paperwork in order,did you keep count of the miles you used?that helps.
2007-01-04 09:42:02 · answer #4 · answered by sassie 2 · 0⤊ 0⤋
hire an accountant/tax professional?
2007-01-01 08:49:53 · answer #5 · answered by VINCENT C 2 · 0⤊ 0⤋