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Old 02-18-2005, 10:09 AM
richm23 richm23 is offline
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Join Date: Feb 2001
Location: Sarver,Pa
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List of deductions

I just went from sole prop. to LLC, I am wondering if anybody could help me with a list of items and reciepts that I should keep. SHould everything be bought in the business name?

Ex. Gas receipts
Mileage
insurance cost
What else should I look to keep for taxes?

Thanks
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Old 02-18-2005, 10:13 AM
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The landscaper The landscaper is offline
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I was looking into doing the same thing.
Not to change your thread, but what exactly did you do to switch to the LLC. Just file with the state?
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Old 02-18-2005, 10:13 AM
lawnman_scott lawnman_scott is offline
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Paper towels to dry your hands after you wash them when you change oil or grease your mowers. Soap also. And every little thing you buy throughout the year.
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Old 02-18-2005, 10:35 AM
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tonygreek tonygreek is online now
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i say this with extreme sincerity: if you have to ask if you should make all of your business-related purchases through your llc, you really need to see an accountant.

for whatever reason, the mindset of many on this board is to not go through the expense of using an accountant. i would guarantee that a proper tax strategy will more than recoup the costs of the accountant and probably find you thousands more in savings. from my days at andersen (sure, not the best example of quality accounting.... ), the thing that stuck with me was the term "tax avoidance". tax avoidance is 180 degrees different from "tax evasion". why automatically pay something that you don't have to?

tony
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Old 02-18-2005, 10:47 AM
LB1234 LB1234 is offline
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Quote:
Originally Posted by tonygreek
i say this with extreme sincerity: if you have to ask if you should make all of your business-related purchases through your llc, you really need to see an accountant.tony
Agreeeeeeeeeeeeeeeeeeeeedddddddddddddddddddddd
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