@ryantrav Here is a great resource for mechanic expenses and taxes:
Your trailer would be considered depreciable assets for your business. Depreciation assumes that assets used to generate business income will wear out, get used up, or become increasingly obsolete over a period of time. For taxation purposes, depreciation lets you deduct the "used up" portion of that asset's cost every year, until the entire cost is used up or the business no longer owns.
TurboTax will walk you through all of this when you go to do your taxes - it would go under "Business Vehicle Expense".
Make sure these links open. Let me know if you have any issues.
Lori EA
@ryantrav sounds like a cool job! Here is a great resource for vehicles used for your self employed work:
https://turbotax.intuit.com/tax-tips/small-business-taxes/business-use-of-vehicles/L6hi0zz
The important thing is to keep very good records of mileage and expenses incurred.
Look over this link and see if it answers all your questions.
Lori Leigh EA
So Sorry @ryantrav ! That was strange let me get you a better one. Try this one:
This is the link for your car: https://turbotax.intuit.com/tax-tips/self-employment-taxes/maximizing-tax-deductions-for-the-business-use-of-your-car/L1rikLUJ7
Let me get you some information about purchasing a trailer....
@ryantrav Here is a great resource for mechanic expenses and taxes:
Your trailer would be considered depreciable assets for your business. Depreciation assumes that assets used to generate business income will wear out, get used up, or become increasingly obsolete over a period of time. For taxation purposes, depreciation lets you deduct the "used up" portion of that asset's cost every year, until the entire cost is used up or the business no longer owns.
TurboTax will walk you through all of this when you go to do your taxes - it would go under "Business Vehicle Expense".
Make sure these links open. Let me know if you have any issues.
Lori EA