I need Tax advice!!

Discussion in 'Business Operations' started by aflawncare, Dec 6, 2013.

  1. georgialawn88

    georgialawn88 LawnSite Bronze Member
    Messages: 1,075

    twomancrew, lol good stuff
  2. Turboguy

    Turboguy LawnSite Bronze Member
    Messages: 1,972

    I agree with the others that an accountant would be the best move you can make. As far as sales tax visit your states sales tax website and it should define what is subject to sales tax.

    As far as what you can deduct. You equipment is a capital purchase. You don't deduct it you depreciate it. Things like repairs, gas, mileage on your truck, wages, supplies and the like can be deducted. Keep receipts.
  3. twomancrew

    twomancrew LawnSite Senior Member
    Messages: 940

    I was going to ask my guy this year about depreciating and how I should use it to my advantage. I know it's in the paperwork, but don't know how it works and that is fine for now. The CL stuff and the new equipment receipts I always take to him where everything else I sum up at home. He gives me a worksheet to help us both speed up the process.

    2 years back I sold off a used tractor and attachments and learned about the dirty C word. Capital gains ugh. Last year I took a huge pile of old equipment to the scrap yard instead of selling it on CL. It was so much easier to put it down as misc. income. See, I can be taught!

    To the OP- it takes time and I learn more and more every time I sit down with a CPA.

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