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kmont4
New Member

Where do you deduct truck payments if I'm self employed

 
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1 Reply
DS30
New Member

Where do you deduct truck payments if I'm self employed

You will not deduct the truck payments on your tax return. Instead, you will be able to include the truck as an asset and claim depreciation if you are taking the actual vehicle expenses instead of the IRS standard mileage rate.

To enter your truck information -

To enter your business vehicle expense for a self-employed individual in TurboTax Online or Desktop  (for TurboTax Online sign-in, click Here), please follow these steps:

Once you are in your tax return, click on the “Business"” tab.

  1. Next click on “I’ll choose what I work on” (jump to full list)
  2. Scroll down the screen until to come to the section “Business Income and Expense”
  3. Choose “Profit or Loss from Business ” and select start/revisit/update.
  4. If your business is already listed, choose to "edit"
  5. You will eventually get to a screen titled "Your () Business"
  6. Scroll down to Business Expenses and select "Business Vehicle Expense".

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