Discussion in 'Business Operations' started by printer88, Aug 29, 2004.

  1. printer88

    printer88 LawnSite Member
    Messages: 93

    Just wandering what you all know of that is Tax deductible.I would'nt want to miss something.This Tax Stuff makes me -:dizzy:
  2. CamLand

    CamLand LawnSite Bronze Member
    Messages: 1,299

    check with your accountant...
  3. Team Gopher

    Team Gopher LawnSite Platinum Member
    from -
    Messages: 4,040

    Hi printer88,

    Camland's suggestion is your best bet.
  4. LwnmwrMan22

    LwnmwrMan22 LawnSite Platinum Member
    Messages: 4,373

    Anything and everything that you buy that you use to make money from mowers to blades to gas to hook... oh, wait, not that. :)
  5. mickey

    mickey LawnSite Member
    Messages: 13

    Also keep track of how many gallons of gas you use for your machines. There is a credit for Federal taxes you paid on off-highway use of fuels. IRS form 4136, it pays $0.184 for each gallon of gas you use.

    Any meals and entertainment you try to claim can only be claimed at 50% of the cost. Keep track of everything! There are also special rules for those of you who are paying for health insurance. It depends on what type of business you are (S-Corp, Sole Prop, LLC).

    My wife is a bookkeeper and tax preparer so she knows all the ins and outs about this subject.
  6. printer88

    printer88 LawnSite Member
    Messages: 93

    Thanks Mickey. I appreciate the help.
  7. Outsiders Lawn Artists

    Outsiders Lawn Artists LawnSite Member
    Messages: 14

    Mickey, is that an area restricted credit (rural,urban)? That is awsome.
  8. mickey

    mickey LawnSite Member
    Messages: 13

    No, it goes along with your Federal income tax. It's a credit for the federal highway use tax that is charged for the gas we buy for our cars. Since we don't use our mowers on the highway we can get a credit for just the gas we use for our equipment, not for the vehicles.
  9. reneekrause

    reneekrause LawnSite Member
    Messages: 27

    That was one credit I overlooked! Thanks alot! I always keep receipts for equipment fuel purchase separated.
  10. Soupy

    Soupy LawnSite Gold Member
    Messages: 3,125

    I haven't used that credit before either. This year should be easy because my truck runs on Diesel and equipment on reguler gas. I will mention this to my accountant.

    For those of you that don't use an accountant should. They will pay for theirself in money they save you.

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