Food Trucks Tax Guide
Probably you enter the food trucks business because you are passionate to making food. But frequently we all have trouble with taxes. That’s the reason why we are going to learn more with this food trucks tax guide.
However, it’s very important to intimate with the unique tax food truck landscape. This is crucial for any food truck owner because even the slightest tax mistake can incur in fines and fees. This is the last thing you want in a business with so thin margins.
Now we are going to see some tips to protect your food truck business from tax penalties. Also we can save some money on your tax returns.
Document yor tax deductions
When you are food truck owner you can have several tax deductions. You can take advantage to save some money.
For example, you can deduct miles traveled in your truck. In this case you have two options: The standard mileage rate, that goes around 56 cents per mile. Also, you can use the actual expenses of your truck.
In either case you should track the expenses of your truck and all the miles you have owned. Then, when the taxes payment arrives your accountant can determine which is the specific method that will save you the most of your money. This is a crucial decision for choosing the correct method that will give you more thousand savings in taxes.
If you will travel to events, trade shows, conferences or festivals with your food truck you have to be able to deduct related food and lodging costs. Remember you have to document all the dates of these events and keep in order your receipts. You are in obligation to show that these are necessary travel expenses.
This is the starting process of learning how to make a good balance of you taxes payments. If you want a better advisory, just call us and make an appointment. Surely you will be satisfied with our service.