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Old 11-30-2004, 05:42 PM
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cleancutccl cleancutccl is offline
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Join Date: Aug 2004
Location: Lawrence, Kansas
Posts: 698
Basically what I do is I have a personal truck, which my business leases from me (you can set any reasonable price for this, usually fair market value). Then I pay myself a wage, 15.00/hr, then match that same wage with payable/receivable to myself (sole proprietorship). With an LLC you are able to do this, or you can pay yourself a wage only. You can also rent storage space from yourself, but that gets a little tricky if you were ever to be audited. Instead of renting space from myself, I just deduct a usage percentage off of my income. Percentage of business use space gets to deduct that same percentage of utilities. Your CPA can give you some other tricks, these are just some that I use.
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