managing business income and personal income

[Duekster]

Originally Posted by larryinalabama

Whats that "shed" business I said SHOP....lol actually Im fortunately to have a nice shop even have a 9000lb lift.

I have a real good accoutant, but learning "quickbooks" is a good suggestion, thatnks for the tip. Im solo, but have a little other income and my accountant has never failed me.

Sorry about the shed. I was thinking you had something on your own property which still could be a shop.

I would love to buy some land and build a shop and home on it.

[larryinalabama]

Originally Posted by Duekster

Sorry about the shed. I was thinking you had something on your own property which still could be a shop.

I would love to buy some land and build a shop and home on it.

I was jsut "cutting up" with ya no offense taken whatsover, actually I think the shop is nicer than the house...lol.

[larryinalabama]

Originally Posted by AdkadTechnologies

It is always best to try and keep things separate if possible - avoid major headaches down the road. Paying yourself regularly is also often suggested because you are able to budget yourself as an expense.

Of course, good software can help with all of this.

Also, don't ever be afraid of "good debt". I know people like to pay cash as often as they can, but in order to grow, you need to be ready to buy the things you need if it will mean more revenue and growth.

Ive found in life theres no such thing has "good debt" unless your a bank, and those debts are waiting to go bad.

[DEPENDABLE LANDSCAPING]

Originally Posted by larryinalabama

It all gets trickey, I run my business at my personal home, so my shop and its expenses belong to the business, as well as the water and power bill, my truck insurance is combined with my personal vehicles to get the multi car discount, wit h5 vehicles its a big savings, and I also use personal vehicles for business as well as vice versa.

Ive never filed my business tax seperate from my personal income tax. I dont think the IRS would go after a SOLO lawncare operator, they have bigger fish to fry, and in my case I probably overpaid all these years anyway.

Careful on the IRS statement.

[Duekster]

Originally Posted by DEPENDABLE LANDSCAPING

Careful on the IRS statement.

I did not want to go there but Obama needs to fill a trillion dollar gap. They will be looking.

[larryinalabama]

Originally Posted by DEPENDABLE LANDSCAPING

Careful on the IRS statement.

They probably wondering why Im not one of the 47% thats moouching, Im sure I close to qualifing lol

Ive had problems wit the IRs in the past, thats why I do the simple forms now even though I pay a little more.

[shane-pa]

I see you are listed as LLC. You are taking profits as needed. Maybe you should talk to your accountant about being taxed as an S-Corp. Some good tax breaks to be had. Take a paycheck and save the rest for that lawnmower.

[grandview (2006)]

Originally Posted by larryinalabama

It all gets trickey, I run my business at my personal home, so my shop and its expenses belong to the business, as well as the water and power bill, my truck insurance is combined with my personal vehicles to get the multi car discount, wit h5 vehicles its a big savings, and I also use personal vehicles for business as well as vice versa.

Ive never filed my business tax seperate from my personal income tax. I dont think the IRS would go after a SOLO lawncare operator, they have bigger fish to fry, and in my case I probably overpaid all these years anyway.

I'll bet if you tell your insurance agent you use your truck for business,your not covered. And the same get in an accident doing business with your personal insurance ,you can lose everything too.

[Duekster]

Originally Posted by grandview (2006)

I'll bet if you tell your insurance agent you use your truck for business,your not covered. And the same get in an accident doing business with your personal insurance ,you can lose everything too.

You can change the policy. one of my cars is listed as business use on my personal policy.

[larryinalabama]

Originally Posted by grandview (2006)

I'll bet if you tell your insurance agent you use your truck for business,your not covered. And the same get in an accident doing business with your personal insurance ,you can lose everything too.

My truck is actually "overinsured " for my business. One thing everyone should atleast look into is a "umberella" policy, they are realitavely inexpensive.