expense catagories

Discussion in 'Business Operations' started by Coumbe, Feb 12, 2006.

  1. Coumbe

    Coumbe LawnSite Senior Member
    Posts: 270

    What Expense Catagories Do Most Of Yall Track: Gas, Oil, Blades, Ice ???
    Do You Seperate The Catagories Or Not.
     
  2. BCFLawnLandscape

    BCFLawnLandscape LawnSite Senior Member
    Posts: 333

    I seperate everything, I even break my fuel down into diesel and unleaded. If your unsure about it, track it, worst they can say is its not a deduction. Better safe than sorry!
     
  3. lawnman_scott

    lawnman_scott LawnSite Fanatic
    Posts: 7,547

    I have catagories for gas, equipment purchases,equipment maintenance&repair, office supplies, insurance,tax&licenses, intrest paid on loans, lawn supplies (roundup, fert, ect), payroll, tolls, meals, advertizing,phone. I think thats about all I can think of right now. It works best to look at the schedule C, and make your list off of that form.
     
  4. ECS

    ECS LawnSite Bronze Member
    Posts: 1,733

    All work miles for the JEEP & truck
    All fuel for the JEEP & Truck
    All off road fuel for lawns & snowblower
    All gallons of gas for JEEP & Truck
    All gallons of gas for lawns and snowblower
    All personal miles for JEEP & Truck
    All Vehicle repairs & Maint.
    All equipment & tools purchased
    All Equipment repairs & Maint.
    All lawn/irrigation/snow supplies
    Insurance
    Advertising
    Accounting
    Insurance
    Rent
    Phone
    Office supplies
    Labor
    Promotion
    Clothing
    Sales tax paid on all work expenses
    Sales tax paid on everythin else that I buy non work related

    I keep track of each of these daily, monthly, quarterly and yearly

    These are what I give to my accountant at tax time.
     
  5. Coumbe

    Coumbe LawnSite Senior Member
    Posts: 270

    Thanks. I Am Going To Track All Of The Thinks That Y'all Listed. If I Use Gas For Equipment Is That Considered Off Road Fuel Or Is That A Lower Grade Fuel That You Purchase Somewhere? Once Again, Thanks.
     
  6. its pretty well up to you , you can track 4 or 40 catagories or more depending on how much detail you want.
     
  7. ECS

    ECS LawnSite Bronze Member
    Posts: 1,733

    If I Use Gas For Equipment Is That Considered Off Road Fuel Or Is That A Lower Grade Fuel That You Purchase Somewhere?
    Yes that is considered off road fuel.
     
  8. Mower For Less

    Mower For Less LawnSite Senior Member
    Posts: 823


    IT IS NOT A LOWER GRADE, OR PURCHASED ANYWHERE DIFFERENT. It is the same fuel you buy now, the only difference is where you use it. Thats why you get the refund, because you have already paid the taxes on it at the pump.

    Kevin
     
  9. Coumbe

    Coumbe LawnSite Senior Member
    Posts: 270

    Thanks For The Answers.
     
  10. mastercare

    mastercare LawnSite Senior Member
    Posts: 289

    Just a suggestion:

    Buy equipment gas on a separate credit card or mark the receipts to differentiate it from truck fuel.

    On off-road gas, you get your road tax (34.5cents/gallon in MI) returned to you in the form of a tax credit...that's right, a credit - not a deduction. This means you'll get that money back (or owe less). It is important to keep tally of the # of gallons also. The deduction for off-road fuel purchase is based on dollars spent. The tax credit for off-road fuel is based on the number of gallons you purchase since its a flat tax per gallon. You can guess....but if you're starting in Jan, you might as well keep track of it for the year.
     

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