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"Unique" tax deductions

Discussion in 'Business Operations' started by Mowin4cash, Feb 3, 2001.

  1. Mowin4cash

    Mowin4cash LawnSite Member
    Posts: 160

    How about this thread being for "unique" tax deductions and other cool ways to save a buck? I didn't know until recently that you could get back fuel taxes you paid at the pump for equipment fuel. Must be other ways to save money that some folks haven't heard of.

    Mike
     
  2. SlimJim Z71

    SlimJim Z71 LawnSite Senior Member
    Posts: 691

    Well, to the best of my knowledge, you can write off:

    1. Truck payments/equipment payments

    2. Gas

    3. Mileage

    4. A certain percentage for using your home as an office

     
  3. bob

    bob LawnSite Platinum Member
    from DE
    Posts: 4,254

    Also a percentage of your computer!
     
  4. BUSHMASTER

    BUSHMASTER LawnSite Senior Member
    Posts: 519

    here's a thought .....the food and up keep on your dog....
    anti thieft.....i belevie if you park your rig withihn the fenced area with your poch right off ??????????????
     
  5. GroundKprs

    GroundKprs LawnSite Bronze Member
    Posts: 1,969

    Get state refund and federal credit for fuel tax, on fuel used in off-road equipment. Means here we get 33.4 cents back fo reach gallon.
     
  6. zimm4

    zimm4 LawnSite Member
    Posts: 106

    You can also take health insurance off also.
    Dont forget any tools and uniforms. fund your ira for a nice deduction. As long as its not a roth ira.
     
  7. Kevin

    Kevin LawnSite Member
    from S.E. PA
    Posts: 169

    My accountant said to be careful about writing off the home as a business, I am trying to sell my house and she said it was best not do it. Also I write off my mileage vs. the truck payments. Dont forget business supplies and postage on invoices, mailings etc. Dues to civic organizations also, like http://www.paturfgrass.org
     
  8. kutnkru

    kutnkru LawnSite Silver Member
    Posts: 2,662

    We have company uniforms that are dry cleaned thru a local outfit. Funny how different clothes from our home often wind up in the wrong hamper.(*wink *wink) It just increase our write off.

    Kris
     
  9. beck

    beck LawnSite Senior Member
    Posts: 431

    Zimm4

    I am just curious as to why you would continue with the traditional IRA and not start a roth IRA. I would rather pay taxes on $2000 worth of income this year as opposed to what it accumulates to in 20...30...40 years from now.

    $2000 a year at 8% interest for 45 years (in my case). would equal $90,000 invested and $773,011.23 value at retirement. which would you rather pay taxes on?
     
  10. yardsmith

    yardsmith LawnSite Senior Member
    from Ohio
    Posts: 627

    1st off, write off 21.95 a month for AOL cuz of LAWNSITE!!! Maybe only a portion.... I wrote off a speeding ticket 2 yrs ago cuz I was on my way home from picking up my new 20 ft. lawn trailer.
    I write off 4x4 subscription-(truck upkeep), gatorade on the job (had to argue for this one), but food-no.
    At least in my area, I can't write off home office expenses cuz I provide a service business, & that service is provided at their location, not mine.
    There's tons of legit stuff that Uncle Sam allows; enjoy it!
     

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