I just completed doing my tax, I am an owner operator Truck Driver and have covered over 152,000 business miles in 2017. I have my mileage logs and paperwork to back up my mileage but because the expense is so high (152,000*.535) my tax paperwork is reflecting a $60,000+ loss on the business part of my tax return. Is this normal? This is only our second year in business so we don't mind showing a loss but is $60,000 loss excessive? Should I not have included the cost of fuel ($75,000 roughly) in addition to mileage deduction? Thanks!
