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| LLC's and tax write offs http://www.mudmotortalk.com/mmt_v2/viewtopic.php?f=7&t=70861 |
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| Author: | Woodiebuster [ Sat Jul 22, 2017 5:11 pm ] |
| Post subject: | 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. |
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| Author: | Will C [ Sat Jul 22, 2017 5:13 pm ] |
| Post subject: | 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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| Author: | Woodiebuster [ Sat Jul 22, 2017 5:17 pm ] |
| Post subject: | 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? |
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| Author: | Russ [ Sat Jul 22, 2017 6:19 pm ] |
| Post subject: | 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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| Author: | huck Finn [ Sat Jul 22, 2017 7:18 pm ] |
| Post subject: | 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 |
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| Author: | kirk [ Sun Jul 23, 2017 8:18 pm ] |
| Post subject: | 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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| Author: | GeorgiaRiverRunner [ Tue Jul 25, 2017 3:43 am ] |
| Post subject: | Re: LLC's and tax write offs |
| Author: | reharbert [ Tue Jul 25, 2017 7:29 am ] |
| Post subject: | 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. |
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| Author: | huck Finn [ Tue Jul 25, 2017 9:08 am ] |
| Post subject: | Re: LLC's and tax write offs |
The info I provided is accurate. Depends on "buddies level of experience " H Finn |
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| Author: | reharbert [ Tue Jul 25, 2017 10:42 am ] |
| Post subject: | 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. |
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