Tax deduction for gas used in truckmount?

[Farenheit251]

I'm supposed to get a tax credit for fuel used to run my truckmount- a refund for road taxes included in gas price. Anyone know what tax code it is so I can reference it to my cpa? Also I run a Kohler 25hp and plan to claim 1.75 gallons per machine hour-does that sound correct(3600 rpm)?

 

[XTREME1]

i have a 32 hp and only use about a gallon

 

[R W]

Well, you should be deducting all gas used as a cost of doing business. Since I tap the TM fuel from my truck tank, I take the total on every fillup, deduct the hours used on that fillup, and multiply hours by 3 GPH, then multiply that times the cost per gallon for that fillup (since the price changes so often), and that gives me cost of fuel for the TM. The remainder is fuel used by the truck itself, and that is deducted as an expense for the van. And, yes.....I document every purchase, and record the mileage and machine hours. And I have been keeping those records consistantly every year, incase the IRS wants to know.

If you have already deducted the fuel, I don't think you can double dip and also deduct the taxes....again. But ask a CPA if you really want the answer.

 

[steve frasier]

it is form 4136 Credit for Federal Tax Paid on Fuel


it is only cheating if you get caught

 

[CleanExtreme]

I think there is some confusion about claiming the gas as a deduction, of course you need to deduct it. However in addition to that any fuel that is taxed for road use and was used for an off road purpose like the portion that your truckmount used is entitled to a refund of the road use fuel tax. Most CPA's should be familiar with that refund.

 

[floorguy]

yea if your cpa doesnt know how to figure your "rebate" get a new cpa....

1.75 gal per hr is a bit high for a 27 hp...

it is per gallon, and if it is say .50 per gallon tax, then there you go....


So i dont T into the truck, and fill it on a seperate recipt....total gallons was like 200 or so, then they can deduct the .50 x 200 gallons....see how easy

and yes fuel used is a right off, but i dont know how they figure the difference out....

 

[JFRASER]

I run a 27 kohler 2 and I use 1.5 to 2 gph. I write off all the money payed for fuel. Should I be asking for more money back? I pay 1,000 a month for fuel, gas and kerosine.

 

[CleanExtreme]

Jeremy, yes, you can get a refund for the fuel that was used for off road use. You do need to know how many gallons of gas were used to run machines that dont drive on the road like, truckmounts, air compressors, duct cleaning machines, generators ect. or even tractors, because a road tax has been added to every gallon of road use fuel you buy. If you dont have a separate tank to keep tracked of that fuel, contact the manufacturer or distributor of the equipment to find out how much fuel is used per hour (hopefully there is an hour meter on equipment)

I'm not an accountant so ask yours how to file, I think someone listed the form number earlier. But you file it with your income tax and the amount is added to the refund or applied to what you owe. Gotta take every break you can get.

 

[floorguy]

i dont think it is so much a refund as it is a credit.... businesses as a general rule dont get refunds....but say you had to pay, and it was like $600 well if your tax credit for off road fule tax was $400 then it would be $200.....

as ALWAYS ask a cpa....i wouldnt do my own taxes on a business for nothing