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Discussion in 'Business Operations' started by awood0909, Jul 2, 2007.

  1. awood0909

    awood0909 LawnSite Member
    Messages: 27

    this is my first year to have to pay taxes and i was wondering what some of the write offs i can use are? Fuel, labor, supplies, food for workers?
  2. 1MajorTom

    1MajorTom Former Moderator
    Messages: 6,073

    save every receipt you get when spending for your business. doesn't matter what it is, phone bills, advertising, truck and mower maintenance, office supplies etc, etc.. anything that you spend for your business to keep it running is a write off.
  3. fiveoboy01

    fiveoboy01 LawnSite Silver Member
    Messages: 2,988

    Well it depends on the state and the ever-changing tax laws.

    Fuel or mileage on a vehicle, not both I don't think.

    Mowers and handheld equipment, I believe you can write the whole purchase off(if purchased new) at once or depreciate it over a number of years.

    All the misc stuff can be written off.

    Really the best thing to do is get yourself set up with an accountant. They know the laws, the loopholes, and the deductions, and can maximize your return each year.
  4. awood0909

    awood0909 LawnSite Member
    Messages: 27

    when you do your taxes do you ever get a return or do you always have to pay in or break even?
  5. Exact Rototilling

    Exact Rototilling LawnSite Fanatic
    Messages: 5,378

    I've run another business from home for many years. Basically a schedule C return. If you have a home office you can deduct a portion from all of you household bills such water, power, internet etc. I just discovered this for the last tax year. I was only claiming partial home office deductions all along.

    It depend what other work you do if you will owe or not. Personally I prefer to not have to make quarterly tax payments so my wife claims "0" deductions or exemptions on her w-4.

    Tax time is meet with much profanity and undue stress for me. The paper work for self employment is a huge pain. :cry: :dizzy: :hammerhead: Might be best to get a good accountant. Bean counting is not my gifting. Can you imagine working for the IRS sorting through returns for living???
  6. topsites

    topsites LawnSite Fanatic
    Messages: 21,653

    Well I have to pay, right?
    I take in whatever, doesn't matter if it's a dollar or a thousand, taxes are always due on every penny that comes in... There is no such thing as me earning money AND the IRS owing me on top of it, at least not without me sending anything, so I have to pay anyhow...

    So I would much rather pay the exact amount that I estimate the end of the year will bring around than the IRS send me a refund, to me a refund is just another way of saying someone made a mistake and I paid too much.

    I suppose it is possible to over-estimate, but that would only matter if your payments go in on time. :laugh:

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