Tax Tips

skyhook

Any important Tax Tips you can share ?

Keep a mileage log in your work truck, enter the mileage every morning before you leave, and at night when you get home. Also write in (abbrv) the job name, trips to suppliers, ect.

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thom

Lunches are 100% business expense if they serve a legitimate business purpose. I have my wife buy us lunch every day. Lunch for the crew, at the jobsite. I pay for the lunch.

Everyone is back to work on time.

No one drinks at lunch.

We don't spend time packing up and unpacking the tools so they won't get stolen.

The employees consider it a benefit. I consider it an investment with a really quick payoff. The cost of lunch is less than the costs associated with not supplying it.

Mud Master

Do all your business under the name Juan Valdez..and get alot of Minority tax breaks!

No seriously...

Keep all reciepts associated with the same job togeather, make copies of everything from that job, than staple all the copies togeather at the end of the job(proposal,contract,change orders,supplier invoices,subcontractor invoices,reciepts,etc..)..that way if a question ever arises with your accountant or the IRS, you can just pull the file and everything will be there.

Also, a hell of alot easier come April 15

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