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TOPIC: what do you claim depreciation or millage?

what do you claim depreciation or millage? 10 Mar 2011 20:42 #1

  • texfarrier
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since tax time is near and some other threads have come up on tax issues i thought i would ask to see what everyone deducts...the reason for asking is i bought a new truck the end of nov and im not sure if i want to depreciate it or claim millage...the old truck i had i depreciated but im thinking claiming millage will save me more money over the years since i put an average of 25,000miles a year on one...thanks
Austin Russell
"Uva Uvam Vivendo Varia Fit"
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RE:what do you claim depreciation or millage? 10 Mar 2011 21:11 #2

i don't know how to figure out depreciation values, but i do know that claiming the mileage is great for me. i put on around 34,000 miles a year. last year the i got 0.54cents per mile. as i see it, that came to around $18,000 that i didn't have to pay in. i dont know if that is how it works though.
Nathaniel Crumley


"the only regrets in life are the risks you don't take"
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RE:what do you claim depreciation or millage? 10 Mar 2011 22:47 #3

  • tbloomer
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Tom Bloomer
http://blackburnforge.com
302-222-6404


Here's the deal. I'm trying to keep it simple.
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RE:what do you claim depreciation or millage? 10 Mar 2011 23:41 #4

  • lonestar
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What ever one you pick, stay with it.
Chris Schaeffner
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RE:what do you claim depreciation or millage? 11 Mar 2011 04:21 #5

  • 13puppet
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Milage for me.
Bo Crotta - Equine Specialist
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RE:what do you claim depreciation or millage? 11 Mar 2011 17:00 #6

  • brian robertson
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crunch the numbers both ways. if you run an economical rig down the road and qualify for low cost insurance; mileage is the way to go. But if you have lots of speeding tickets, a poor credit score and a 6mpg rig; it's a different story...
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RE:what do you claim depreciation or millage? 12 Mar 2011 00:05 #7

  • texfarrier
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i thought the millage rate was 51 cents a mile?...i have always depreciated but i bought a new truck the end of nov and other ppl have been telling me to take the millage i drive around 25,000 a year so i think it would be better in the long run...umm well i don't know if diesel does not quit going up.
Austin Russell
"Uva Uvam Vivendo Varia Fit"
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RE:what do you claim depreciation or millage? 12 Mar 2011 01:40 #8

  • Travis Reed
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brian robertson wrote:
crunch the numbers both ways. if you run an economical rig down the road and qualify for low cost insurance; mileage is the way to go. But if you have lots of speeding tickets, a poor credit score and a 6mpg rig; it's a different story...

Hey hhey looks like its a different story for me...but I get around 7mpg thank u very much
Travis Reed.....


www.sporthorsefarrier.com to direct link..
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RE:what do you claim depreciation or millage? 12 Mar 2011 04:02 #9

  • mwmyersdvm
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Depreciation is generally used on vehicles with lower annual mileage than farrier and veterinary vehicles. You would need to compare fuel costs, maintenance and repairs. BTW, I don't believe speeding tickets are considered a 'cost of doing business' :)

M. W. Myers, D.V.M.
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RE:what do you claim depreciation or millage? 13 Mar 2011 16:00 #10

  • brian robertson
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No, speeding tickets are not, in the true sense, a business expense but they will greatly determine how much your truck insurance cost; therefore add to your overall expenses.

moral: drive the most economical/professional rig possible and you'll have more money in your retirement account.
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