Carl
Level 15

Deductions & credits

I am doing my taxes and have a couple questions about expenses. I do not own my truck its under my fathers name can I deduct the gas and miles on my taxes? or does it have to be under my name?

Regardless of whose name may be on the title, if you are the primary user of the vehicle and treat it "as if" it's your truck, then for this purpose it's your truck. But if it's a case of where you borrow the truck from your dad, that's a different story.

Basically, if the truck is not 100% business use, then you'll be taking the "per mile" deduction. See what's needed for that at https://www.irs.gov/taxtopics/tc510 and also check out IRS publication 463 which is referenced on that website.

I use my personal credit card to buy my tools and bought my laptop to use to search parts. Can I deduct the laptop and tools for expenses even though its a personal credit card?

Yes. But if audited you'll need to be able to prove your business expenses. Generally, it'sw considered a very bad practice to mix personal and business funds. It would be more prudent to establish a completely separate banking account for the business, and you run *ALL* business income and business expenses through that account. Then you can have a business check/debit/credit card on that account, or obtain and completel separate credit card for the business. Makes accounting and book keeping a whole lot easier and simpler, and if audited makes that quick and easy too.

I do not have a business name and doing the taxes by my social security as an independent contractor. How many meals can I deduct?

Your standard meals you may pay for in the course of performing business related work (I'm talking about lunch breaks and the such) are just flat out not deductible. But for business related meal deductions see IRS Publication 463 Chapter 2 at https://www.irs.gov/pub/irs-prior/p463--2020.pdf#en_US_2020_publink100033850  Note that there have been some changes with the TCJA of 2018, as referenced at https://www.irs.gov/newsroom/irs-issues-final-regulations-on-the-deduction-for-meals-and-entertainme...