Anyone have any tax tips for a detailing business?

[GregCavi]

Well I started to do my taxes tonight and would love to get any tips so I have to pay in the least amount possible (duh). I have been righting off all my receipts and equiptment purchased. Any other tips?

Greg

 

[AutopiaAdmin]

Well I started to do my taxes tonight and would love to get any tips so I have to pay in the least amount possible (duh). I have been righting off all my receipts and equiptment purchased. Any other tips?

Greg

First thing I did when I started my business was buy Quickbooks and hired a good CPA. Save all receipts, enter all data, write off everything that you posible can and let the accountant do what accountants do.

 

[Jngrbrdman]

Don't forget that if you are going to write off all the supplies you bought to do detailing then you also have to pay tax on all the revenue those supplies gained. You have to claim all your revenue from detailing under "other income" and be prepared to get the crap taxed out of you. It's not worth writing off supplies unless you are generating revenues that compensate. You would want to consult with a tax professional in your area to find out how much you have to make before you have to claim it and how writing off supplies is going to work in your case.

 

[GregCavi]

Well just for talk I made about 4k this year detailing, I have about 2000 in supplies. When my dad punched in the info on Turbo tax I was paying in about 300 bucks. He told me to keep writing stuff off If I still have receipts, which I do.


Greg

 

[SA Detailer]

First thing I did when I started my business was buy Quickbooks and hired a good CPA. Save all receipts, enter all data, write off everything that you posible can and let the accountant do what accountants do.

I didn't mess with QB, just take all my receipts to my CPA quarterly, we sit down together and take it from there.

 

[CalgaryDetail]

In canada so its probley similar in the us but donw quote me on it, but if you took anyone out for a meal for buisiness then it is an expense. Do not make up dinners however if you took a potential clinet out it is an expense

 

[C. Charles Hahn]

Well just for talk I made about 4k this year detailing, I have about 2000 in supplies. When my dad punched in the info on Turbo tax I was paying in about 300 bucks. He told me to keep writing stuff off If I still have receipts, which I do.


Greg

Are you set up as a business (LLC or DBA)? If your revenues are getting that high, you probably will want to at least file an LLC or DBA (doing business as). Plus if you do that, you could probably get a "business" credit card issued to you in order to cover more supplies, if needed.