Discussion in 'Business Operations' started by KV, Apr 25, 2001.

  1. KV

    KV LawnSite Member
    Messages: 19

    i was wondering if i could get some good free advice from all the experts in our ever "growing field", i need to know where to look for guidelines and tips to do things the right way and not shoot myself at the end of year. i need to know about write offs and all that jazz. thanks in advance!

  2. Vandora Lawn & Landscape

    Vandora Lawn & Landscape LawnSite Senior Member
    Messages: 386

    The best advice I can give is to get a good accountant. I know that not what you want to hear, but it's true. A good accountant can save you lots of headache. What questions in particular do you have?
  3. KV

    KV LawnSite Member
    Messages: 19

    i guess the main thing is kind of broad, but the fact of writing off part of my vehicle for business use, also how to claim equiptment, fuel and anything else. i have asked several people and seem to get different answers everytime. i guess i want all the info so i do hurt myself at the end of year!

  4. jay

    jay LawnSite Member
    Messages: 133

    Keep good track of all your expenses and income. Save your vender invoices. The more orginized you are the easier it will be for you at the end of the year, when you file. Here's a list of some of the things you can write off: Wages/Salaries/Benefits
    Travel Expenses
    Health Insurance
    BUISNESS Telephone
    Loan Insterst
    DMV Fees

  5. Grapevine

    Grapevine LawnSite Member
    Messages: 126

    I use Quicken and keep my business and personal checkbook updated on that on a monthly basis. It's easy to do and at the end of the year you can print out everything you've spent and what you've deposited (provided everythings on the books, yeah right) and it gives you a good idea of where you are financially. It's easy to do and easier for your accountant at the end of the year. Save all cash receipts.
    If possible use a credit card for your gas and write 1 check at the end of the month and keep the cash in your pocket.
  6. Roger

    Roger LawnSite Fanatic
    Messages: 5,943

    Ditto on seeking help from a tax accountant ...

    As I just posted in another thread related to tax info. I've learned that some strange rules apply. One such rule pertains to how differently trucks above a certain GVW are handled with regard to writeoffs. This may not apply to you, but my point is that those who deal with these matters daily are equipped to help you the best.

    An hour's worth of time, even at $75 or $100, may save you much money, and help you determine what direction to take for some decisions. Obviously, some decisions have nothing to do with taxes, but others may have some significant bearing.

    I'm happy to keep every penny I'm entitled!

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