Can this be considerd a "Tax-Write-Off"?
 

i have a friend that just bought a new truck. but hes havin a hard time payin for it...he works at a Sport Bike Shop that his brother owns and helps run it for him. He uses the truck to go across country to various bike events to promote the bike shop, uses it to haul new bikes to and from destinations.....could that be a Tax Write Off??? If not him, maybe his bro can write if off??? I think he can write off the gas $$ ....but the truck too?:helpme

also depends on how much the truck weighs, what state, etc

as long as he can prove it's used primarily for work, then yes, it's a write-off in most cases

For business use of the truck I do believe he can write off certain things.

Gas (milage should be recorded for business use)

Did he buy it or lease it ?

This is true! I was able to write off my truck & mileage last year for the truck!

Also, you want to write off mileage, not gas, cuz you get like 30 cents per mile for business use!

jDoG

Yes, as XxXotic said, if the truck is used for business purposes, then your friend should be able to write it off as a tax deductable.

:2 cents:

Regards,

Jungar

Hell yeah but let an accountant figure out how to do it. The beauty of self-employment is that you can write almost anything off if you are clever enough. Just be careful.

We live in Wisconsin......... he fianaced it through the dealership. Its a huge Chevy monster-truck kinda thing lol It was decked out a little....its not stock. He put shit on and in it. (I dont think that really affects anything).

Thanks for the tip on write off the milage..not gas :thumbsup

Yes this is a great thing about self-employment! But you just don't want to write off too much shit otherwise you get red flagged.

jDoG

that's right,,,30 cents per mile.

Actually, it was 36-cents in 2003 and is 37.5-cents for 2004.

Your friends brother should have bought the truck through the business, and let him use it as a benefit or in lieu of some pay.