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Woodiebuster
MMT Elite Member
Joined: Wed Mar 03, 2010 7:00 pm Posts: 6060 Location: Choudrant, La
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LLC's and tax write offs
The place I'm talking to about guiding this year is going to hire me as a contract laborer from what I can understand, my question is how hard is it to write of your hunting equipment? Decoys, Waders, etc.
I'll be using my boat, and a good bit of my own decoys/gear mostly because I just like using my stuff.
_________________ CSM Custom 18x42 Battleship with a 36 PD beating you to the hole My Rig (Old Motor) viewtopic.php?f=5&t=45193
(New Motor) viewtopic.php?f=5&t=54733 Stumps Fear Me
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Sat Jul 22, 2017 5:11 pm |
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Will C
MMT Sponsor
Joined: Fri Jan 10, 2014 1:16 pm Posts: 2107 Location: Gladewater TX
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Re: LLC's and tax write offs
Its not hard at all. Save all receipts, talley up miles on your truck. Your tax prepper will take it frome there
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Sat Jul 22, 2017 5:13 pm |
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Woodiebuster
MMT Elite Member
Joined: Wed Mar 03, 2010 7:00 pm Posts: 6060 Location: Choudrant, La
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Re: LLC's and tax write offs
Can you write off things you purchased a couple of months before you statrted working? Do you have to prove you are using what you write off?
_________________ CSM Custom 18x42 Battleship with a 36 PD beating you to the hole My Rig (Old Motor) viewtopic.php?f=5&t=45193
(New Motor) viewtopic.php?f=5&t=54733 Stumps Fear Me
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Sat Jul 22, 2017 5:17 pm |
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Russ
MMT 1000 Club
Joined: Mon Dec 31, 2012 11:07 pm Posts: 4820 Location: West Monroe, LA
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Re: LLC's and tax write offs
I'll send you a number for a guy. A good trustworthy tax guy will be a big help.
Sent from my SAMSUNG-SM-G891A using Tapatalk
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Sat Jul 22, 2017 6:19 pm |
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huck Finn
MMT 1000 Club
Joined: Thu Jan 31, 2013 5:42 pm Posts: 1913 Location: Conroe tx
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Re: LLC's and tax write offs
Hmmmm , Im glad that talk of ours fell on fertile soil . LLC at the minimum. , protect yourself from liability. Plus tax ID # , allows you to register with Secretary of State and open a legal business checking account. Deposit all traceable income in that account , cash tips go in your pocket. , pay bills associated with your guide service and yourself out of that account. Lease your truck and boat if you Mitchell own it and not "woodies wild wings " or whatever you come up with. Pay Mitchell a check every month for said truck and boat usage . Get with Russ or hit me up again .
H Finn
_________________ Ole black water keep on rolling
18x54 Uncle J -GTR - with the koolaid Back H2o SWOMP 23 SS stage 2 15x36 GD Duck Skiff GATOR GATOR GLIDE PROSTAFF BACKWATER PROSTAFF http://www.gatorglide.com
Coupe rest in peace brother
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Sat Jul 22, 2017 7:18 pm |
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kirk
MMT F.E.
Joined: Thu Apr 18, 2013 5:52 pm Posts: 870 Location: SW LA
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Re: LLC's and tax write offs
Having someone to do your taxes or maybe someone you know that's a CPA will help you out big time
Sent from my iPad using Tapatalk
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Sun Jul 23, 2017 8:18 pm |
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GeorgiaRiverRunner
MMT Pro Member
Joined: Tue May 06, 2014 10:04 am Posts: 150 Location: North Georgia
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Re: LLC's and tax write offs
_________________ 2014 Prodigy 1748 V-Rake 21" sides, Fish-Tail Design, 2 Rear Half Boxes, Catwalks with treys, front deck with hatch, and being ran by a MB Black Death 4500
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Tue Jul 25, 2017 3:43 am |
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reharbert
MMT Addict
Joined: Tue Mar 17, 2015 1:38 am Posts: 606 Location: Beaumont, Texas
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Re: LLC's and tax write offs
My wife is a CPA. I can't tell you how many stories she has brought home about people being misinformed.
Let me tell you this...take what you hear from buddies and hunters with a grain a salt. Most of it probably isn't true and is just helping spread bad information.
It's not overly complex, and you can probably do most everything yourself with a little guidance. Just do your due diligence. You still have plenty of time.
_________________ Uncle J - 17 x 48 w/GTR | Bayou Surface Drive heads | Voodoo exhaust | DIY Mikuni carb
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Tue Jul 25, 2017 7:29 am |
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huck Finn
MMT 1000 Club
Joined: Thu Jan 31, 2013 5:42 pm Posts: 1913 Location: Conroe tx
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Re: LLC's and tax write offs
The info I provided is accurate. Depends on "buddies level of experience "
H Finn
_________________ Ole black water keep on rolling
18x54 Uncle J -GTR - with the koolaid Back H2o SWOMP 23 SS stage 2 15x36 GD Duck Skiff GATOR GATOR GLIDE PROSTAFF BACKWATER PROSTAFF http://www.gatorglide.com
Coupe rest in peace brother
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Tue Jul 25, 2017 9:08 am |
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reharbert
MMT Addict
Joined: Tue Mar 17, 2015 1:38 am Posts: 606 Location: Beaumont, Texas
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Re: LLC's and tax write offs
Should have clarified, but that wasn't directed at you - just more of an "in general" type thing. Seriously...we've seen people end up with huge tax bills, penalties, and even jail time.
_________________ Uncle J - 17 x 48 w/GTR | Bayou Surface Drive heads | Voodoo exhaust | DIY Mikuni carb
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Tue Jul 25, 2017 10:42 am |
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