deducting cash purchase

Discussion in 'Business Operations' started by grass disaster, Dec 6, 2013.

  1. grass disaster

    grass disaster LawnSite Silver Member
    Posts: 2,578

    ok so. sole prop. llc company

    i'm looking to buy a trailer.

    hows a good way to run the $ on this?

    I was thinking of writing a check from my lawn account make it to my personal account, write trailer in memo. then simply cash it.

    That way i have record of the transaction.
     
  2. DEPENDABLE LANDSCAPING

    DEPENDABLE LANDSCAPING LawnSite Bronze Member
    Posts: 1,343

    Why would you not sim
    Posted via Mobile Device
     
  3. DEPENDABLE LANDSCAPING

    DEPENDABLE LANDSCAPING LawnSite Bronze Member
    Posts: 1,343

    Sorry,
    Why would you not just cut a check out of your business account ?
    Get a bill of sale and write it off?
    Posted via Mobile Device
     
  4. Southern Lawn Care  LLC

    Southern Lawn Care LLC LawnSite Senior Member
    from Alabama
    Posts: 314


    Makes the most sense to me.
     
  5. tonygreek

    tonygreek LawnSite Gold Member
    Posts: 3,391

    Is this a situation of you over-thinking this or is there something we're missing?
     
  6. grass disaster

    grass disaster LawnSite Silver Member
    Posts: 2,578

    its cl

    he would not want a check i'm sure
     
  7. Middle Tennessee Lawn

    Middle Tennessee Lawn LawnSite Member
    Posts: 220

    Your bill of sale on the trailer will be fine for IRS you can even buy trailer with personal money and repay yourself later as owners equity withdrawal. I run very diff. Than most I own all the business equipment not the bus. i depreciate nothing couple reasons why one when is tax liability when you sell a depreciatef piece of equipment. Fact is after fuel labor and materials and other expenses just do not need any more deductions. I like to keep taxes as simple as possible. But you are a corporation so your taxes are much diff.
    Posted via Mobile Device
     
  8. JFGLN

    JFGLN LawnSite Senior Member
    Posts: 941

    You can loan the business money and pay yourself payments with interest. Talk to an accountant. Cash is ok. Just get receipts.
     
  9. wbw

    wbw LawnSite Fanatic
    Posts: 5,404

    Write him a check. Meet him at your bank where he can cash it or get him a cashiers check.
    Posted via Mobile Device
     
  10. GreenI.A.

    GreenI.A. LawnSite Silver Member
    Posts: 2,132

    When we buy something used for cash we will usually pay the small fee to get a cashiers check. If the person only wants cash, then I'll go into the bank and take out the exact amount. We then make sure to document it.
     

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