topic Heavy Duty Commercial Truck GVW 26000 in Business & farm

Heavy Duty Commercial Truck GVW 26000

corarene — Sat, 17 Oct 2020 02:30:11 GMT

Hello I have a question, we are a new business and we are filing our taxes for 2019. We have several trucks we lease greater than 30 days. Wanted to know how to write of the itemize expenses in Turbo tax Business 2019.

Such as:

Lease Payments

Gas

insurance

Is it a lump sum or breakdown for every truck?

Thanks

Re: Heavy Duty Commercial Truck GVW 26000

Anonymous — Sat, 17 Oct 2020 05:10:47 GMT

each expense can be totaled and entered as a separate item. no need to list each expense for each truck. even something like gas can be totaled for all vehicles to the extent it's business related.

Re: Heavy Duty Commercial Truck GVW 26000

corarene — Sat, 17 Oct 2020 05:53:14 GMT

Is there a particular spot to put leased payments?

Re: Heavy Duty Commercial Truck GVW 26000

Critter-3 — Sat, 17 Oct 2020 19:35:41 GMT

Rents ...

Re: Heavy Duty Commercial Truck GVW 26000

corarene — Thu, 22 Oct 2020 01:12:24 GMT

The example you showed is a schedule C, I am using form 1120

Re: Heavy Duty Commercial Truck GVW 26000

Critter-3 — Thu, 22 Oct 2020 12:37:55 GMT

If this is your first time filing one I highly recommend you seek local professional assistance to get educated or read the 1120 instructions. In the downloaded program you are using you can switch to the FORMS mode and look at the 1120 forms.

Re: Heavy Duty Commercial Truck GVW 26000

Critter-3 — Thu, 22 Oct 2020 13:29:09 GMT

Listing vehicle expenses under other deductions is also allowed ...