Tax Question

Discussion in 'Business Operations' started by MOOSE, Feb 5, 2003.

  1. MOOSE

    MOOSE LawnSite Senior Member
    Messages: 393

    I'm in the middle of figuring out my tax stuff before I take to accountant. My question is this.

    How many of you write a check thru your business for your MORTAGE PYMT. And what do u put it under for doing a yearly ledger.

    I was told by a mortage broker to do this and it would help me in long run.. Only if I stayed where I was for few years.

    I have no other way of explaining this so hope all understand it to be able to answer.
  2. I'd ask my accountant if he had any idea.
    I cant think of one. Only connections between my house and business are that business earns money to pay mortgage plus I take a home office deduction. Cant see where writing a business check to pay mortgage affects either of those.
  3. bruces

    bruces LawnSite Senior Member
    Messages: 648

    Probably related to the home office deduction as Bob said.

    For that purpose, makes absolutely no difference where you write the check from.

    What matters is how you use your home office space, if you have one.
  4. tiedeman

    tiedeman LawnSite Fanatic
    from earth
    Messages: 8,745

    I personally don't think that it matters if you write it to your business or not. If you are the sole owner you can just claim that on your tax return and you don't have to worry about it for business related. That is my opinion, maybe I am wrong.
  5. John Allin

    John Allin LawnSite Bronze Member
    Messages: 1,488

    Technically speaking... if you write the mortgage check from the business account you can deduct the amount of the 'home office deduction' and the balance would be considered "draw" and become taxable income (if a sole prop).

    Caveat.... I'm a scaper and a plower... not an accountant.... although I DID sleep at a Holiday Inn Express a few nights back.

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