Bro your becoming my favorite TH-camr. I been watching you the pass 3 days. Why haven't I started sooner. I love it. Im in locust Grove, Ga if i ever see you in person im buying you dinner immediately.
My cpa does the taxes, his wife does the book keeping. I stuff all the receipts in an envelope each month when the statement comes from the bank i turn that in to her. I put what it was for on each receipt, i have an appointment book i put where and how much i spent (in case of audit). You can deduct tax prep and bookkeeping also. Your social security number makes you an entity, llc's, s corps have an EIN number. Keep everything separate as russell says, keep notes. Destroy everything after 7 years. If you save papers longer, the irs can audit them too. Seven years and get rid of it.
You lost me on the fuel for the mowers. My understanding is that the entire cost of fuel for the mowers is deductible, which would include the road tax. Am I missing something?
Correct the fuel is all deductible, however the Feds will actually give you a rebate of the road tax portion since you should not have had to pay that initially. So its not dependent on whatever tax rate your in.
Bro your becoming my favorite TH-camr. I been watching you the pass 3 days. Why haven't I started sooner. I love it. Im in locust Grove, Ga if i ever see you in person im buying you dinner immediately.
@@LandoDaCommando thanks brother! Even though it’s rainy and dreary today, your comment made my day!
Good/ helpful content as always, much appreciated!
Someone needed this info! Good stuff!
My cpa does the taxes, his wife does the book keeping. I stuff all the receipts in an envelope each month when the statement comes from the bank i turn that in to her. I put what it was for on each receipt, i have an appointment book i put where and how much i spent (in case of audit). You can deduct tax prep and bookkeeping also.
Your social security number makes you an entity, llc's, s corps have an EIN number. Keep everything separate as russell says, keep notes. Destroy everything after 7 years. If you save papers longer, the irs can audit them too. Seven years and get rid of it.
Great video!, Yeah, I never really understood the buying of things just to get the deduction
You lost me on the fuel for the mowers. My understanding is that the entire cost of fuel for the mowers is deductible, which would include the road tax. Am I missing something?
Correct the fuel is all deductible, however the Feds will actually give you a rebate of the road tax portion since you should not have had to pay that initially. So its not dependent on whatever tax rate your in.