Taxes

Discussion in 'Business Operations' started by Creative Cuts, Feb 12, 2012.

  1. scotts lawn care

    scotts lawn care LawnSite Senior Member
    Posts: 476

    I use to have an accountant, and then i switched to a CPA. The cpa knows his stuff, he always has an answer for all my questions. Im glad i switched, and he has saved me money, and also found some mistakes that the accountant made.
     
  2. JContracting

    JContracting LawnSite Bronze Member
    Posts: 1,878

    It's complete garbage even for a solo op. I tried the home & biz and it was a mess when it came to the mileage logs and vehicle fuel expenses. Wanted to try it out for myself and I then booked an appt with my cpa next week and am returning turbo tax.
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  3. Mikegyver

    Mikegyver LawnSite Bronze Member
    Posts: 1,810

    CPA and accountant are the same thing....
     
  4. Daily Lawn/Landscape

    Daily Lawn/Landscape LawnSite Senior Member
    Posts: 694

    You will also love the CPA when the IRS comes to do an audit. Plus, a good CPA will find money that you or an online service won't. The little bit of money it cost outweighs the peace of mind knowing you got back eveything possible and it is done right. They can even inform you of other tax benifits.

    James
     
  5. XYZLawnPros

    XYZLawnPros LawnSite Senior Member
    Posts: 398

    Ask your accountant/cpa/business attorney or irs monetary terrorist to show you the statute/act that forces you to pay income tax, business tax, state tax etc, beyond the barrel of a gun.
     
  6. DoetschOutdoor

    DoetschOutdoor LawnSite Bronze Member
    from S. IL
    Posts: 1,818

    Kellys, can you explain anymore about the fuel tax refund? Im a small solo biz. but I take my info to a cpa and he pumps out the numbers. I keep track of mower, trimmer, etc. fuel and then have 1 diesel truck which ends up being alot of my fuel bill. Anymore info so I can sound half educated on the subject when I go in to see him here shortly? thx.
     
  7. Kelly's Landscaping

    Kelly's Landscaping LawnSite Platinum Member
    Posts: 4,262

    Ok the Irs has a fuel tax credit and refund section in their code. They give a list of what's exempt from the national sales tax on gas and diesel. Among them listed is off road use. Gas is currently taxed at 18.4 cents a gallon and if you using it in mowers its off road and exempt from the fed tax.

    So how do we track it I guess is your question well for starters every single fuel purchase we make each year and there are some days we have 6 receipts. All of them are made on our amx card and even if we lose or never get the receipt we have a record of the purchase. So then comes the fun part we make a spread sheet off the amx reports and list ever single purchase then we sort the gas receipts and put them in order. Then comes the cross checking part we fill in the missing info on the report the gallons and the price per gallon and when we find we are missing one we now have prices with in days and can work our the missing info. All diesel purchases are removed from the report and when done we can figure out the amount of gallons we bought then we have to assign a % of that that was used off road in our case its very high since we only have one small gas truck left that's only a back up truck. We then calculate the amount of gallons getting credit then the price and figure out what we are owed back we give the report to the accountant and he does the rest.

    When we first discovered this we were in our 3rd year and we did the report for the previous years as well so we got them all back.
     
  8. JContracting

    JContracting LawnSite Bronze Member
    Posts: 1,878

    Is there a form you fill out that's available from the IRS, ill be finalizing my taxes Wed and want to make sure I'm prepared upon arrival to my cpa's office.
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  9. GreenI.A.

    GreenI.A. LawnSite Silver Member
    Posts: 2,132

    The way I keep track of my offroad fuel use for gas and diesel is that I never fill up the trucks and equipment during the same transaction. For example if I go in the the station with the gas truck and need to fill some 5gallon cans, I first fill the truck and complete that transaction and then fill the gas cans and get a second receipt. Milege is writen on the truck receipt along with truck number and an E (for equipment) is put on the equipment fuel recipt. If we fill the skidsteer or dingo directly, we right that on the receipt as well. The receipts get stapled onto the days work orders before the guys leave the gas station, so that they are sure to return them to me at the end of the day.
     
  10. zturncutter

    zturncutter LawnSite Bronze Member
    Posts: 1,308

    IRS Form 4136
     

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