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04-20-2005, 09:29 AM
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#1 (permalink) |
 
Join Date: Sep 1 2004
Posts: 779
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My husband, this will be a small construction business, We are going through a CPA, don't laugh, I need your help, but how do you go about writing stuff off, like, gas, food, supplies, cell phone, new computer, fax, copier, signs for truck, etc?
Please help, by the way, you all are great....Thank you...... |
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04-25-2005, 09:14 PM
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#5 (permalink) |
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Join Date: Apr 25 2005
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Quote:
On 2005-04-20 09:29:00, Sweetness wrote: My husband, this will be a small construction business, We are going through a CPA, don't laugh, I need your help, but how do you go about writing stuff off, like, gas, food, supplies, cell phone, new computer, fax, copier, signs for truck, etc? Please help, by the way, you all are great....Thank you...... ------------------------------------- First and foremost!! KEEP ALL RECEIPTS!! You then put them in catagories, like advertising, entertainment(dining)I think it is half of your total on dining, etc. You can't write gas and milage, either one or the other. It is better to write the milage because they give you .37/mile. You can write off all trips to post office, bank, etc. All phone bills that are dealing with business, rental space if not in your home. I have an Amazing Acct. I am a Massage Therapist with my own business so I have to keep up with ALL KINDS of receipts. If you aren't an LLC, you should! Get all vehicles put into the Business name. Write off the payments and business vehicle. This should get your wheels turning! Good Luck!! |
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04-26-2005, 03:52 PM
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#7 (permalink) |
 Join Date: Mar 28 2005
Posts: 113
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Personally, although a lot of people go the route of the LLC or sole proprietorship, I prefer the S corporation. You separate the liability, you can open a bank account in the name of the corporation and buy everything with the corporations credit cards or debit VISA, so you don't have to worry about receipts, and if you lose money (God forbid) you can flow the write-off through to your personal expenses. You can find all kinds of small cottage industry incorporations services on the internet. Just Google "incorporate in Indiana" and you'll have more results than you'll know what to do with. Did I just end a sentence with a preposition?
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04-26-2005, 03:57 PM
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#8 (permalink) |
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Join Date: Sep 1 2004
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John, you are awesome too. We did go LLC, husband idea, if anything would happen he doesn't want the house going any where. Any help would be great. I am using quick books, so that kind of helps. But omg, I did not know the mess you go through just to get started. I believe he will do fine, it is me, I am worried about.....
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04-26-2005, 04:18 PM
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#9 (permalink) |
 Join Date: Jul 21 2004
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Quote:so you don't have to worry about receipts
I was told by my CPA that this is NOT true...that you DO need to keep those itemized receipts and that the statement is not good enough if you get audited. I used to not keep receipts either but my CPA made me change ...bottom line CHECK with your CPA. |
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04-26-2005, 06:00 PM
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#10 (permalink) |
 Join Date: Jan 31 2004
Posts: 216
Rep Power: 5
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SUB S CORP IS THE WAY TO GO..
ONLY PAY TAXES BASED OFF OF PROFIT.. START UP COSTS WILL DEF KEEP YOU FROM OWING. PLUS YOU DEDUCT THE DEPRESIATION OF VEHICLES AND OTHER TANGIBLE EQUIPMENT.I HAVE AN ITEMIZED CORPORATE CARD, MAKES IT EASIER AT THE END OF THE YEAR. GOOD LUCK |
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