Tax write-offs

[Titans Fan]

Just curious about what you guys write-off on your taxes?

Any ideas other than gas, mileage, equipment depreciation, repairs, insurance, work clothes?

Thanks!

[Fantasy Lawns]

Best advice is too get a CPA .... that's what they get paid fore .... EVERY Business Owner should seek out a Professional when it comes to such services

You hit many of the "basic" deductions ....but the list must be catered to your specific application ....solo vs inc or llc ....

Good Luck .... I just got my stuff back from CPA today n gave the W-2's out just an hour ago

[WJW Lawn]

Do you file quarterly?

http://www.irs.gov/pub/irs-pdf/f1040sc.pdf

[cantoo]

Gas, parts, repair costs, all office materials, computers, oil, office furniture, work clothing, advertising, vinyl logos, % of costs of personal van, % of hydro, %of wood heat, % of house repairs, barn and shop repairs, tools, snacks, % of meals away, trade shows, equipment purchases, and on and on. Claim everything you can but also make sure you claim every cent you make. Cash = you having to answer difficult questions.

[Fantasy Lawns]

I use QB too help me with all "stuff" my monthly 941's I do ...my Quarterlies, UT-6, 940's I have my CPA crunch em out ....n than my yearly & W-2's she has ready this time of year

With QB I could do it all my self ...but I like a CPA so when I get my yearly audits fore WC they go to her office n her girls get all the paper work ready n a work space foe the bean counter

Just like when I got my SPA loan ....it was just more professional to have em answer financial numbers

N I sleep very well

[wowmowwow]

im going fulltime this yr and taxs are the scariest part to me. thanks

[GreenN'Clean]

I write off just about everything

[ozd12005]

I just bring all my numbers in to my CPA and let him do the magic. There are soooo many different write off's that I had no clue about

[Envy Lawn Service]

Yeah, you need to seek out a professional... or work on becoming your own full-service accountant in your off-season spare time.

I do my own books A-Z.... but what Fantasy Lawns had to say is also important.
His method IS best for most people.

[Uranus]

I wort off $400 for a golf tourny. Thank you MDA. Local radio station and MDA sponsor an outing every year for $100 per player.

[LwnmwrMan22]

I too run all my receipts through the computer, then take the revenue to the CPA with the list of deductions.

They fill out all the papers, and I sign it.

[LB1234]

everything I can think of....than everything my accountant says I can and/or can't.

[mojob]

I remodeled the bathroom that's next to my office and my tax lady says I can deduct that. Also, deduct internet service and phone service charges.

[LwnmwrMan22]

I remodeled the bathroom that's next to my office and my tax lady says I can deduct that. Also, deduct internet service and phone service charges.

Are you talking about home office??

My tax guy says that anytime you start taking deductions for home office, that then when you sell your house, that you then have to claim part of that as business revenue, and pay tax on it.

[Uranus]

I have a buddy that does some grocery shopping, Milk, bread, juice, snack food, some canned food, at the local mobile station. Uses his gas card to pay for it and uses it as a write off. On the statement it comes up as $xx.xx bought at station number. who's going to know

[LwnmwrMan22]

I have a buddy that does some grocery shopping, Milk, bread, juice, snack food, some canned food, at the local mobile station. Uses his gas card to pay for it and uses it as a write off. On the statement it comes up as $xx.xx bought at station number. who's going to know

As far as I know, you have to have the actual receipt. It's the same reason you just can't use a cancelled check. If that was the case, each time I went to the gas station, I'd write the check for $100, keep the extra cash and use the whole $100 as a write off.

It's got to be itemized.

The credit cards that offer the year end statements, that just breaks it down in catagories, doesn't mean you can use each catagory as a write off.

[Uranus]

As far as I know, you have to have the actual receipt. It's the same reason you just can't use a cancelled check. If that was the case, each time I went to the gas station, I'd write the check for $100, keep the extra cash and use the whole $100 as a write off.

It's got to be itemized.

The credit cards that offer the year end statements, that just breaks it down in catagories, doesn't mean you can use each catagory as a write off.

his reciept comes on the next bill in the form of payment recieved
From what you say I have to save every gas reciept. NOPE
use the payment recieved as a reciept. thats where the money is exchanged

[LwnmwrMan22]

his reciept comes on the next bill in the form of payment recieved
From what you say I have to save every gas reciept. NOPE
use the payment recieved as a reciept. thats where the money is exchanged

Anyone else have an opinion?? I'm pretty sure te IRS is going to want everything itemized, or wouldn't everyone just use a credit card??

You might want to get a shoebox and start saving those receipts.....

[Woody82986]

I typically just save all my receipts. That way I dont forget and throw away something important. At the end of the year, i go through them and separate them into crap I can throw away and receipts I have business purchases on. It also helps me see what stupid personal purchases I made during the year that I need to cut down on to save some more money. Retrospect is a rather great learning tool.

[cantoo]

We use a accordian folder for all of our receipts. They get filed according to what's on them. We sometimes have to get multiple receipts just to make things easy for taxes. We do use credit cards for gas but also keep all the receipts incase they are needed. I wouldn't think you can get away with the gas station food thing but whatever. It ain't worth it for me to get caught doing something stupid. We have enough expenses that we don't need to make any up.
Here we can also write off bathroom or house repairs but only a portion. They go by square feet of office space. I have 12x12 in the house. We write off all expenses for our barns 50x100 and part of our property taxes because we store equipment on it.

[hoyboy]

his reciept comes on the next bill in the form of payment recieved
From what you say I have to save every gas reciept. NOPE
use the payment recieved as a reciept. thats where the money is exchanged

If he is audited, he will have to show receipts. IRS will not just take a credit card statement as proof...

Oh, and you asked "who knew?"....well, about a 1000 people do now!

[LB1234]

Are you talking about home office??

My tax guy says that anytime you start taking deductions for home office, that then when you sell your house, that you then have to claim part of that as business revenue, and pay tax on it.

I don't know if its 100% accurate but its something like that. But I think your limited to the profit on your house versus the home office deduction. You may not have to claim if under a certain amount. Don't quote me but its something like that.