Yes. You can claim gasoline expense for a fleet taxi. In addition, the money you pay as a taxi driver to rent your taxi from a fleet is tax deductible. Keep track of what the fleet company charges you for your taxi each day. Total up your expenditures for renting or leasing your cab at the end of the year.
You can deduct the cost of any supplies you use in your taxi service. If you have special forms or equipment you use in your cab, these are business expenses. Deduct them and keep receipts to back up your claim.
Yes. You can claim gasoline expense for a fleet taxi. In addition, the money you pay as a taxi driver to rent your taxi from a fleet is tax deductible. Keep track of what the fleet company charges you for your taxi each day. Total up your expenditures for renting or leasing your cab at the end of the year.
You can deduct the cost of any supplies you use in your taxi service. If you have special forms or equipment you use in your cab, these are business expenses. Deduct them and keep receipts to back up your claim.
I've been an independent cab driver for almost 20 years and never heard of this. Where on the tax forms 1040, Schedule C, and SE does one deduct gas and lease?
@jhoward.jh43 Have you been claiming the Standard Mileage Rate? You must have been claiming SOME vehicle deductions, haven't you?
On Schedule C, I've been putting what I paid for fuel on line 9 and lease on line 20a. I'm just confused by the explanations given in the instruction booklet and was never quite clear as to exactly where this information is supposed to be recorded.
That is where the expenses go. However, you may also need to fill out Part IV of Schedule C or Form 4562. If you use TurboTax, the program does it all automatically.
In your original comment you said that you "never heard of this". What were you referring to? Heard of what?