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Old 03-13-2014, 05:50 AM
ryan41 ryan41 is offline
LawnSite Senior Member
 
Join Date: Feb 2012
Location: Wisconsin
Posts: 307
2 year in business - Tax question ?

This is my second year in business. I am looking to purchase a used 2500 or 3500 truck for around $20k. I haven't decided to go with a regular box or a dump yet, but i know for sure its going to be a diesel! Anyway, i have a OK credit score but what i am concerned with is how much i show for profit. on paper i grossed 47K this year (we mainly just stick to maintenance). Almost triple what i did my first year. My accountant wants to make sure i write off everything i can. I understand writing off business expenses, but i would like to show a little more NET for the bank. He says what i NET is too low for a bank, so it wont matter. How big of a role does the NET income matter in determining if i can get a loan or not? This would be a loan in my name not the business name.

Thanks,
Ryan
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Gravely,Honda & Echo Equipment
21 years old, 2 year in business growing slowly..

"Keep it stupid simple"
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