deduction loopholes????

Discussion in 'Business Operations' started by nelson279, Mar 16, 2003.

  1. nelson279

    nelson279 LawnSite Member
    Posts: 18

    As a one-man operation, besides equipment, repairs, mileage, home office, etc., uniforms, supplies, what other deductions can be used to lower taxable income that I am overlooking? Are there any loopholes that I'm missing? My tax preparer is supposedly advising me, but I like to be on top of things to make sure I catch what he might forget, if anything.
     
  2. Lombardi

    Lombardi LawnSite Senior Member
    Posts: 538

    Buy the book "How To Pay Zero Taxes". It is full of good, legal loopholes that a lot of people never think about. It has been helpful for me.
     
  3. SummitFarmer

    SummitFarmer LawnSite Member
    Posts: 76

    How about getting a CPA??
     
  4. Scraper

    Scraper LawnSite Bronze Member
    Posts: 1,656

    Why don't you read his initial post?
     
  5. beck

    beck LawnSite Senior Member
    Posts: 433

    fuel
    advertising
    office supplies
    insurance
    professional fees(accountant and or lawyer)
     
  6. nelson279

    nelson279 LawnSite Member
    Posts: 18


    I have a CPA but you still should know what he/she is doing with your numbers.
    You just never know what they can be missing so is always good to ask I think ;)

    Thank you anyway
     
  7. DLS1

    DLS1 LawnSite Bronze Member
    Posts: 1,619

    Use the Search button at the top of the page and search for 'deduction'. You should find a lot of threads on the topic.
     
  8. adamc6

    adamc6 LawnSite Member
    Posts: 50

    actually, your uniforms are not deductable on taxes because they dont fall under a specialized uniform.... one thing is to keep a mileage log for all your business related driving (estimates, post office, anything) because it's a 36.5 cent per mile deduction. Also any entertainment or meal expences are 50 % deductable.... keep a good record, and good luck...

    Adam
     
  9. Lombardi

    Lombardi LawnSite Senior Member
    Posts: 538

    Even though I don't classify my company shirts as uniforms, I consider them as an advertising expense, which is deductible. I also sponsor a softball team and deduct the shirts as an advertising expense.
    The mileage deduction for 2003 has been changed to .36/mile.
     
  10. Frosty_03

    Frosty_03 LawnSite Senior Member
    Posts: 333

    Make sure you have a good and trustworhty CPA. They know the Law and you should as well be well informed. If you think its legal make sure you check the tax laws so you and your CPA can come to the same loopholes. I would read up on all you can about taxes. Good Luck and God Speed. Do the right thing!!!!:cool:
     

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