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JJG84
06-15-2007, 06:32 PM
I have a small company, (not licensed yet) and I have found myself keeping all of my receipts - gas, food, repairs; etc.

What are the possible benefits of saving these receipts?

Do you save all of your receipts?

M&SLawnCare
06-15-2007, 06:43 PM
Whatever you plan to wright off of course you need the receipt for. If I don't plan to wright it off and its not a major purchase then i just chuck them.

MJS
06-15-2007, 07:14 PM
I save all reciepts for at least six months. Don't know why, I guess.

Bigray
06-15-2007, 07:43 PM
i save all the receipts i find in my pocket also, plus i have a corp. c/c that lists all my purchases also.
if you are going to claim your income you will want receipts to verify your puchases also.
if you go legit you can deprediate equip,truck, write off ins. ,fuel,etc. etc.

DuraCutter
06-15-2007, 11:42 PM
I have a small company, (not licensed yet) and I have found myself keeping all of my receipts - gas, food, repairs; etc.

What are the possible benefits of saving these receipts?

Do you save all of your receipts?

Humm.... I wonder. Yeah, save them for tax reasons!!!!!!!!!!!!!!!!!!!
:dizzy: :hammerhead: :confused: :confused: :laugh: :laugh:

capelawncare.com
06-15-2007, 11:59 PM
yea your accountant will love you!

DuraCutter
06-16-2007, 12:06 AM
yea your accountant will love you!

Hey, I like the equipment!!

:laugh:

Grits
06-16-2007, 02:36 AM
i save all receipts and record everything in Quickbooks for my accountant.

LushGreenLawn
06-16-2007, 07:26 AM
You will need those reciepts if you get audited. I assume you are planning on getting a business licence BEFORE you start working in the field.

JJG84
06-16-2007, 10:28 AM
ok, but my question is this....

do i need to actually be licensed now for the receipts to be valuable?

or can i save them until i get my bus license and THEN use them?

carcrz
06-16-2007, 10:50 AM
Do you need the receipts if you have already itemized them in QB? I have the purchase, the item, & the price all there under the CC detailed entry.

prizeprop
06-16-2007, 11:08 AM
Do you need the receipts if you have already itemized them in QB? I have the purchase, the item, & the price all there under the CC detailed entry.
Just save them! How much room can they take up?I could probably fit $10,000 worth of gas reciepts in a cigarette pack.Go to a stationary store by the cardboard file boxes, write on the outside in magic marker you company name and the year.Then put all paperwork from that year in it and store it 4-7 years.(NOT SURE). Your entries in a program are useless unless you have paper to back it up during an audit.Hope this helps.

RonB
06-16-2007, 11:35 AM
ok, but my question is this....

do i need to actually be licensed now for the receipts to be valuable?

or can i save them until i get my bus license and THEN use them?


If you are collecting money, you are in business - license or not. You should keep everything for a minimum 5 years also. Gas for mowers is an expense but not for the truck - if you use the mileage deduction.

RonB
06-16-2007, 11:40 AM
Do you need the receipts if you have already itemized them in QB? I have the purchase, the item, & the price all there under the CC detailed entry.


If you don't have the receipt - who's to say you didn't just type those things in QB? You must have the receipt if you deduct it. If audited you might not get the deduction without one.

Bigray
06-16-2007, 02:00 PM
NO, but you should get it asap.
the license u then take to your bank and open a acct. to deposit your checks into.

if you plan to claim the income on your taxes for this year you'll appreciate having those receipts

zz4guy
06-16-2007, 02:19 PM
For EVERY dollar you spend you can count on paying an extra 30 cents to Mr Tax Man if you dont write it off!!!! Why would you not write off everything you possibly can? Are you trying to give a litte extra money to the government or something?

SAVE ALL your receipts.You need to set up a system or at least a shoe box to save them in.

Believe me at the end of the year when you figure the money you owe the government you will be kicking yourself for not saving your receipts. And like some other guys said if you dont have the receipts and you are audited you can count on LOTS of fines and back taxes.

SAVE YOUR RECEIPTS!!!!!

echeandia
06-16-2007, 05:10 PM
My accountant said I should save my receipts for seven years. I am guessing that you should too. You don't want to mess with the IRS.

carcrz
06-17-2007, 12:28 AM
Just save them! How much room can they take up?I could probably fit $10,000 worth of gas reciepts in a cigarette pack.Go to a stationary store by the cardboard file boxes, write on the outside in magic marker you company name and the year.Then put all paperwork from that year in it and store it 4-7 years.(NOT SURE). Your entries in a program are useless unless you have paper to back it up during an audit.Hope this helps.

I have proof as to where it was, but there is never any way to prove where it was used. The credit card statement always shows where the purchase was made so since I everything is completely separate I didn't think it would be an issue.