List of deductions

Discussion in 'Business Operations' started by richm23, Feb 18, 2005.

  1. richm23

    richm23 LawnSite Member
    Posts: 24

    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
     
  2. The landscaper

    The landscaper LawnSite Senior Member
    Posts: 845

    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?
     
  3. lawnman_scott

    lawnman_scott LawnSite Fanatic
    Posts: 7,547

    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.
     
  4. tonygreek

    tonygreek LawnSite Gold Member
    Posts: 3,477

    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
     
  5. LB1234

    LB1234 LawnSite Gold Member
    Posts: 3,210

    Agreeeeeeeeeeeeeeeeeeeeedddddddddddddddddddddd
     

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