in this Video I give you 29 amazing tax deductions for your food truck business. need MORE FREE RESOURCES: Website Design Services: bit.ly/35XnxK4 Food Business Books: bit.ly/3kP5oV3 Commercial Food Products: bit.ly/325gNsg Nutritional Labels: bit.ly/343tTaZ Social Media Help bit.ly/3k3aRqX Mobile Food Business: bit.ly/2TMo4J6 FREE VIDEOS: bit.ly/2HMSx7z Catering Business: bit.ly/35VBGY7 Food Truck Business: bit.ly/3kPGYuD Spice Business: bit.ly/34TBR7b Co Packers: bit.ly/381TjIv Food Business Consulting: bit.ly/3kQOZzn Food Packaging : bit.ly/3dCBuAr Food Business Blog: marketingfoodonline.com/blogs/news Small Business Classes: bit.ly/3q8vbtC Homebased Food Business: bit.ly/2XrugYX Sell Food On Amazon: bit.ly/2XveJHj We are part of the Fiverr Affiliate program and receive a commission when you buy through the above link.
This was a great video. I’m about to buy my own food truck from an older lady who is a close friend and wants to retire, she hasn’t been using all this deductions on her taxes which is why I had to look it up
What is the best way to keep track of expenses?...a POS system, a separate banking account?...an Excel spreadsheet. Automation is important to me for owning a food trailer.
Do you recommend buying an already equipped trailer/truck and making adjustments as you grow your business or start from scratch to customize to your personal menu? Thank you so much for the information in this video!
This depends really on your budget and your time frame in order to remake and remodel a used food truck the time is quite extensive and there's a lot of labor which is expensive and if your budget allows it I would say yes but if it doesn't you might want to find a used food truck that doesn't need to have anything done to it
I had the "gas" question for my tax lady, since I'm doing a trailer,and using my own vehicle to tow with that on the truck I should claim miles over gasoline because gas they only give you back something like.35 per mile vs mileage at .65... Then I can deduct gas for the generator separately since it's two separate entities..
Congratulations on starting your food trailer business! There are several payment services available that you can use to accept payments from your customers. Here are a few popular options: Square: Square is a popular payment processing service that allows you to accept payments using a mobile device, such as a smartphone or tablet. With Square, you can accept credit card payments, mobile payments, and cash. Square charges a flat rate of 2.6% + 10¢ per transaction. PayPal: PayPal is another popular payment service that allows you to accept payments online or in-person using a mobile device. With PayPal, you can accept credit card payments, mobile payments, and PayPal payments. PayPal charges a fee of 2.9% + $0.30 per transaction. Stripe: Stripe is a payment processing service that allows you to accept credit card payments online or in-person using a mobile device. Stripe charges a fee of 2.9% + $0.30 per transaction.
hey Nate yes you can it mighthave a slight variation only since your using a food trailer instead of a truck, but all the rest like retro fitting, signage, equipment etc. including fees for events all are pretty much the same. so I would take a list and run it throiugh your accountant! thanks
Can you explain why please? I'm actually staying my application right now and I don't know if an LLC or sole proprietor would be best for my food truck. Thank you
The main difference between the two is the way you are taxed. Both provide some legal protections, with the LLC having greater legal protections than sole proprietor. What source do you have to support "sole proprietor has many more benefits"?
Great question it really depends on your budget depending upon how much you have available you can either rent one or even by 1 even renting some depending the upon the condition and the type of equipment whether it is something that you could use for your product it may make sense to rent it for a little while to see how it works so your not investing too much money or potentially losing a lot by buying a truck in the business not working out
being in the business as long as I have for my food business anything associated with the business can potentially be written off just keeps recipes and documentation
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in this Video I give you 29 amazing tax deductions for your food truck business. need MORE FREE RESOURCES:
Website Design Services: bit.ly/35XnxK4
Food Business Books: bit.ly/3kP5oV3
Commercial Food Products: bit.ly/325gNsg
Nutritional Labels: bit.ly/343tTaZ
Social Media Help bit.ly/3k3aRqX
Mobile Food Business: bit.ly/2TMo4J6
FREE VIDEOS: bit.ly/2HMSx7z
Catering Business: bit.ly/35VBGY7
Food Truck Business: bit.ly/3kPGYuD
Spice Business: bit.ly/34TBR7b
Co Packers: bit.ly/381TjIv
Food Business Consulting: bit.ly/3kQOZzn
Food Packaging : bit.ly/3dCBuAr
Food Business Blog: marketingfoodonline.com/blogs/news
Small Business Classes: bit.ly/3q8vbtC
Homebased Food Business: bit.ly/2XrugYX
Sell Food On Amazon: bit.ly/2XveJHj
We are part of the Fiverr Affiliate program and receive a commission when you buy through the above link.
This was a great video. I’m about to buy my own food truck from an older lady who is a close friend and wants to retire, she hasn’t been using all this deductions on her taxes which is why I had to look it up
Awesome check out my food truck channel "FOOD TRUCK FREEKS"
What a great video. Thank you! I am gonna recommend this to all my bros. TAYLOR!
What is the best way to keep track of expenses?...a POS system, a separate banking account?...an Excel spreadsheet. Automation is important to me for owning a food trailer.
Most POS systems today have the ability to track all transactions and even inventory and more.
29 Tax Deductions:
1 Food Truck
2 Building costs
3 Accountant
4 vehicle licensing
5 food safety courses
6 Maint
7 Gas
8 Small Wears
9 Health Dept Permit
10 Consultaions
11 Miles
12 Event Fee!
13 Social Media Ads
14 Signs
15 Insurance
16 Permits CityCntySt
17 Bus License
18 Kitchen Rental
19 Storage Parking
20 POS Square
21 Square Fee
22 Website/mo
23 Home Office Space
24 Fire Exting Insp
25 Phone/Internet
26 Truck Wrap
27 Food Cost
28 Uniforms
29 Fire Inspection
Love the food trucks vids. Keep them coming!
Thanks. Check out our other UA-cam channel all about food trucks called food truck freeks
Hi such a an informative video. Thankyou
Do you recommend buying an already equipped trailer/truck and making adjustments as you grow your business or start from scratch to customize to your personal menu? Thank you so much for the information in this video!
This depends really on your budget and your time frame in order to remake and remodel a used food truck the time is quite extensive and there's a lot of labor which is expensive and if your budget allows it I would say yes but if it doesn't you might want to find a used food truck that doesn't need to have anything done to it
Subscribed. Thanks for the info!
Welcome!
Hey just bought a food trailer and was wondering how do you go about taxing the food?
This was very helpful! Thank you!
I'm so glad!
Would the fuel used by a generator used to power my food truck operations be a tax deductible or credit?
Tax deduction
I had the "gas" question for my tax lady, since I'm doing a trailer,and using my own vehicle to tow with that on the truck I should claim miles over gasoline because gas they only give you back something like.35 per mile vs mileage at .65... Then I can deduct gas for the generator separately since it's two separate entities..
your right yes one or the other I believe and the one with the most take that one
Where is the link to be able to create your own LLc? I don’t see it. Thanks so much
I’m trying to do it myself instead of paying a lawyer for it
PRETTY MUCH ALL EXPANSES.
Thanks and great advice for a brand new startup food truck
You bet
Thank you for this great info.
So glad I was able to help thank you so much so what type of food business are you gonna
I'm just starting a food trailer, can you recommend a payment service such as Square etc., I'm not computer savvy?
Congratulations on starting your food trailer business! There are several payment services available that you can use to accept payments from your customers. Here are a few popular options:
Square: Square is a popular payment processing service that allows you to accept payments using a mobile device, such as a smartphone or tablet. With Square, you can accept credit card payments, mobile payments, and cash. Square charges a flat rate of 2.6% + 10¢ per transaction.
PayPal: PayPal is another popular payment service that allows you to accept payments online or in-person using a mobile device. With PayPal, you can accept credit card payments, mobile payments, and PayPal payments. PayPal charges a fee of 2.9% + $0.30 per transaction.
Stripe: Stripe is a payment processing service that allows you to accept credit card payments online or in-person using a mobile device. Stripe charges a fee of 2.9% + $0.30 per transaction.
Damian do most of these tax deductions also apply to a food trailer? Thank you. Great informational video.
hey Nate yes you can it mighthave a slight variation only since your using a food trailer instead of a truck, but all the rest like retro fitting, signage, equipment etc. including fees for events all are pretty much the same. so I would take a list and run it throiugh your accountant! thanks
Thanks for the information 👍
No problem 👍
Hi,
Can we sell at place by locating our food truck?
Do we can decide location by ourself after getting permits from government?
Please reply
normally the permits will be for a specific spot on a date and time even
I found out that switching from a LLC to a sole proprietor has many mor benefits
Can you explain why please? I'm actually staying my application right now and I don't know if an LLC or sole proprietor would be best for my food truck. Thank you
@@Mrs.SportsCorner depends on what businesss u have? If it makes a lot of money I say LLC if not than sole proprietor
The main difference between the two is the way you are taxed. Both provide some legal protections, with the LLC having greater legal protections than sole proprietor. What source do you have to support "sole proprietor has many more benefits"?
Spice Business Tax deductions next!!
Sounds great that's a great idea for a video I will definitely create one for you
Hello I need help // should you rent or buy the food truck to start ?
Great question it really depends on your budget depending upon how much you have available you can either rent one or even by 1 even renting some depending the upon the condition and the type of equipment whether it is something that you could use for your product it may make sense to rent it for a little while to see how it works so your not investing too much money or potentially losing a lot by buying a truck in the business not working out
Love your videos, I believe a trailer would work out the same, how ever would I be able to write off a pull vehicle?
being in the business as long as I have for my food business anything associated with the business can potentially be written off just keeps recipes and documentation
👍
Is this rule applies in Germany?
to be honest I m not very familiar specifically with Germanies tax laws but you can ask your accountant
Where can I find an accountant?
Find a reputable CPA (Certified Public Accountant).