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Tax Question & Expenses

Discussion in 'Business Operations' started by -, Feb 18, 2001.

  1. Guest
    Posts: 0

    Could someone please list for me the expense categories that the IRS wants for accounting purposes (ie Advertising, Office Expenses, Rent... ect.)? Are they the same as Schedule C expenses (we are a S Corp.)?

    Also, where does one list gasoline expenses for your mowers and 2-cycle equipment? Not under auto expenses I'd assume.

    Thanks in advance for the help.
  2. Vandora Lawn & Landscape

    Vandora Lawn & Landscape LawnSite Senior Member
    Posts: 386

    I would guess under equipment expense.
  3. John Allin

    John Allin LawnSite Bronze Member
    Posts: 1,489

    If you have these types of questions, it's time to see an accountant.
  4. Majestic

    Majestic LawnSite Member
    Posts: 42

    All expenses must be documented.If you have a computer they can be done on the spreadsheet.If you do not you can purchase a 13 column journal at any office supply store.(even Walmart).When we use to do it that way we used these headings.Equip purchases,Equip parts,gas&oil. misc.payroll&subcontracting,office,postage,insurance, professional fees(atty & acct.) Rentals,supplies,draw.
  5. jay

    jay LawnSite Member
    Posts: 133

    Travel Expenses
    property tax
    BUISNESS Telephone
    Loan Insterst
    DMV Fees
  6. SummitFarmer

    SummitFarmer LawnSite Member
    Posts: 76

    Let's not forget depreciation on equipment!! There is also:
    Sub-contractor Services
    Rent Expense
    Dues and Subscriptions
    Equipment Rental
    Legal and Accounting
  7. 65hoss

    65hoss LawnSite Fanatic
    Posts: 6,360

    John is correct. You need to make an appointment immediately with a CPA!
  8. Matt

    Matt LawnSite Member
    Posts: 161

    CPA is the way to go. Peaple pay us for our knowledge in our field, we pay CPA's for their experience in their feild.
  9. VLM

    VLM LawnSite Member
    Posts: 189

    Just spoke to the IRS last week and asked about the fuel for equip question. I was told to list this under supplies. As for the categories, I think the Intent is to organize your expenses, not to be absolutely precise. Acoording to the IRS any expense that is necessary for the operation of your business is deductible from your gross.

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