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managing business income and personal income

Discussion in 'Business Operations' started by grassmasterswilson, Oct 20, 2012.

  1. Duekster

    Duekster LawnSite Fanatic
    from DFW, TX
    Posts: 7,961



    Sorry about the shed. I was thinking you had something on your own property which still could be a shop.

    I would love to buy some land and build a shop and home on it.
     
  2. larryinalabama

    larryinalabama LawnSite Fanatic
    Posts: 16,246

    I was jsut "cutting up" with ya no offense taken whatsover, actually I think the shop is nicer than the house...lol.
     
  3. larryinalabama

    larryinalabama LawnSite Fanatic
    Posts: 16,246

    Ive found in life theres no such thing has "good debt" unless your a bank, and those debts are waiting to go bad.
     
  4. DEPENDABLE LANDSCAPING

    DEPENDABLE LANDSCAPING LawnSite Bronze Member
    Posts: 1,343

    Careful on the IRS statement.
     
  5. Duekster

    Duekster LawnSite Fanatic
    from DFW, TX
    Posts: 7,961

    I did not want to go there but Obama needs to fill a trillion dollar gap. They will be looking.
     
  6. larryinalabama

    larryinalabama LawnSite Fanatic
    Posts: 16,246

    They probably wondering why Im not one of the 47% thats moouching, Im sure I close to qualifing lol

    Ive had problems wit the IRs in the past, thats why I do the simple forms now even though I pay a little more.
     
  7. shane-pa

    shane-pa LawnSite Senior Member
    Posts: 336

    I see you are listed as LLC. You are taking profits as needed. Maybe you should talk to your accountant about being taxed as an S-Corp. Some good tax breaks to be had. Take a paycheck and save the rest for that lawnmower.
     
  8. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Posts: 3,466

    I'll bet if you tell your insurance agent you use your truck for business,your not covered. And the same get in an accident doing business with your personal insurance ,you can lose everything too.
     
  9. Duekster

    Duekster LawnSite Fanatic
    from DFW, TX
    Posts: 7,961

    You can change the policy. one of my cars is listed as business use on my personal policy.
     
  10. larryinalabama

    larryinalabama LawnSite Fanatic
    Posts: 16,246

    My truck is actually "overinsured " for my business. One thing everyone should atleast look into is a "umberella" policy, they are realitavely inexpensive.
     

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