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Caleb12321
04-25-2010, 02:06 PM
What can you write off on your taxes for the state of Tn?
i have heard gas and then miles on your vehicle?
How can you find out for sure?

Lawnfella
04-25-2010, 02:16 PM
You can write off a lot of stuff. Too long of a list to post on here. You need to talk to an accountant.

Caleb12321
04-25-2010, 02:19 PM
ok!
Im trying to research it but no luck finding anything.

Tharrell
04-25-2010, 02:54 PM
Done your taxes for this year? Good, here's what you need to know.
1 Keep ALL receipts.
2 Get someone ELSE that gets paid for doing taxes to do your taxes.
Best money I ever spent, and tax deductible too.

Caleb12321
04-25-2010, 02:58 PM
Done your taxes for this year? Good, here's what you need to know.
1 Keep ALL receipts.
2 Get someone ELSE that gets paid for doing taxes to do your taxes.
Best money I ever spent, and tax deductible too.

Should i save my gas receipts? Can i get that back because i heard it was miles but the person wasnt sure.

I wish there was a list of things you can write off.
But ill save my receipts from now on

JB1
04-25-2010, 03:00 PM
Should i save my gas receipts? Can i get that back because i heard it was miles but the person wasnt sure.

I wish there was a list of things you can write off.
But ill save my receipts from now on




you really need to talk to a tax professional and have all your questiions answered.

Tharrell
04-25-2010, 03:04 PM
Oh yeah!
Save EVERYTHING.
You need to find a competent person that knows the landscaping business.
Ask some of your buddies or ask different business people who they use.
For instance, I have an old truck that I take mileage on, and a new truck that I
use fuel receipts for.
Do yourself a favor now, when you start saving your receipts sort them every month. That will save you aggravation at the end of the year.
I only pay $150 to get my taxes done. I would pay much more if I had to. It's worth it.
btw-There is a list, available from the IRS. Do you really have time or want to do that?

Caleb12321
04-25-2010, 03:04 PM
you really need to talk to a tax professional and have all your questiions answered.

Would that be just someone who does tasex?

Caleb12321
04-25-2010, 03:05 PM
Oh yeah!
Save EVERYTHING.
You need to find a competent person that knows the landscaping business.
Ask some of your buddies or ask different business people who they use.
For instance, I have an old truck that I take mileage on, and a new truck that I
use fuel receipts for.
Do yourself a favor now, when you start saving your receipts sort them every month. That will save you aggravation at the end of the year.
I only pay $150 to get my taxes done. Worth it.

Yeah i have what i made so far this year on the computer and i go by months

CLARK LAWN
04-25-2010, 04:11 PM
Would that be just someone who does tasex?

no there is a difference between a tax preparer and a CPA. you need a CPA.
if you use your trruck for both business and personal then you need to keep track of the miles used for business, if you have a separate vehicle like i do, then you can use expenses.

AI Inc
04-25-2010, 04:20 PM
Should i save my gas receipts? Can i get that back because i heard it was miles but the person wasnt sure.

I wish there was a list of things you can write off.
But ill save my receipts from now on

Do yourself a favor and either open up an in house charge at a local gas station , or get a gas co credit card.
Saving receipts is a pita.

GravelyGuy
04-25-2010, 04:28 PM
Find a reputable CPA to take care of it for you. Mine charges me $275 to prepare my taxes and answer all my questions. Money well spent. You should be able to deduct any and everything related to your business.

Southern Elegance
04-25-2010, 05:42 PM
in tn you cannot write anything off . we have no state income tax
now, on your FEDERAL return you can write off anything use in operating your business find a good cpa and use him.

Pennington Lawncare
04-25-2010, 06:11 PM
Find a CPA and have them do it at least once and then you can pretty much use Turbo Tax after that and make sure the CPA lays all the deductions out that they used and it will be pretty easy to plug the same stuff into Turbo Tax.

Gas, Miles on pulling vehicle, depreciation of the mower, all maintenance costs and cost of new equipment such as trimmers etc. Lots of stuff.. Oh yeah, at least part of your phone bill etc.

Tharrell
04-25-2010, 06:22 PM
Even if you had a state tax in TN it would just be an aggravating bit of paperwork compared to the federal return.
Here's the thing, if you don't own a business you pay taxes. Unless you're part of the 40% that don't pay any taxes and get a check from the government.
That's an over simplification so don't start flaming me.
But it's true.
The progressive income tax structure we have was instituted to enslave working stiffs, and to a degree create class warfare.
Corporations don't pay taxes, they pass them on in the cost of their products.
Who do you pass your taxes on to?
I'm a proponent of the "fair tax".
The point of it all is, play their game. They made the rules, use them.

Lawn Pawn
04-25-2010, 07:03 PM
this should explain it......


http://www.youtube.com/watch?v=rCZRqH7sRyA

dhunterd08
04-25-2010, 10:40 PM
Just to give you an idea. Last year i wrote off....
Storage expense
gas in mowers
2 cycle oil
direct write off on new walk behind
mileage on truck(keep a log!!!)
mower repairs
new trimmer
fliers
T shirts
sweatshirts
new business cards
used snapper trim mower
echo hc 150
liab insurance
year before's return expense
trimmer line
Direct materials for landscaping jobs
whopping $400 in repairs when i took out the garage door sensor/slider thing with my trailer
thats all i can remmeber, but to give you an idea

Caleb12321
04-25-2010, 11:10 PM
Just to give you an idea. Last year i wrote off....
Storage expense
gas in mowers
2 cycle oil
direct write off on new walk behind
mileage on truck(keep a log!!!)
mower repairs
new trimmer
fliers
T shirts
sweatshirts
new business cards
used snapper trim mower
echo hc 150
liab insurance
year before's return expense
trimmer line
Direct materials for landscaping jobs
whopping $400 in repairs when i took out the garage door sensor/slider thing with my trailer
thats all i can remmeber, but to give you an idea

This is what i was loking for!
Thanks so much!
Thank you everyone for the replies im going to get a good cpa to do my taxes and i have logs for the yards and ill start saving gas receipts and documenting my miles!

Thanks, Caleb

Tharrell
04-26-2010, 08:09 PM
I usually have at least 2 full pages of legal pad size paper for my deductions.
It's significant. That's why I said from the start to save EVERYTHING.
There are some things you may not need but it's better to have it.
It's such a habit now to keep receipts, I have to clean my wallet out every other day.

Roger
04-26-2010, 09:55 PM
Caleb ... your questions imply that you are not using any financial management software, such as QuickBooks.

I echo all the other suggestions about working with a CPA. Getting information on LS about your taxes is not a good idea, no disrespect intended. Get your information from somebody who is skilled, knowledgeable, and is paid to work with these matters.

Back to the QuickBooks, or similar issue ... I believe this is one of the most critical issues on managing your business. QB will track all of your expenses, all of your income. You can break down expenses, and income, as fine as you wish. For example, I have a M & R item, with sub-entries for every piece of equipment I own. When I have an expense against that piece, it gets entered under that sub-entry. At the end of the year, I know exactly how much has been spent on each piece of equipment. At the same time, it is easy to produce a report, rolling up all M & R items.

I print out a master report of I & E for my accountant, and provide that report to him for tax preparation. He knows how to manage the information for the forms. He knows what is an acceptable deduction, what is not. The cost for his services is more than saved in deductions that I don't know about, or understand. That is his business, not mine. My job is to track all the financial information in a form that is acceptable and useful to him.

You will want to check with your accountant on how fine to establish the entries, sub-entries, sub-sub-entries. In my case, I have a finer granularity than he needs, but that is for my reference, not his.

If you just keep your receipts, and hand over a shoe box full of this information, you will pay for his/her time to sort through it all. If you do the management of information as you develop it over the year, at the end, you only need to provide the reports. Further, if you are truly managing your business, you will WANT to know this information for making decisions. Just handing over a shoe box of receipts is like saying, "I have no idea about my business operations, but here is the stuff you need for tax preparation." Bad financial management, to say the least.

SLMGT
04-26-2010, 10:08 PM
Hey Roger,

Do you suggest Quick Books? Quick Books Pro?

Roger
04-26-2010, 10:15 PM
I have used QB Pro for several years. Presently, I'm using QB Pro 2010.

There are several variations on QB, but I think Pro is mentioned here most frequently. Options afforded by the other variations aren't needed for our line of work.

You may wish to explore the online version, rather than software for your own PC. I think it is available on a monthly basis, rather than buying your own copy. With this approach, you will always be using the latest updated version, and your data will be stored with Intuit. You need not be concerned about backup of your data.

SLMGT
04-26-2010, 11:04 PM
Thanks for the advice. I've been using excel spreadsheets but have outgrown my ability to keep up. I'm going to look into the online version. Once again, thanks for the advice.