BlackenedTimber
ArboristSite Operative
- Joined
- Dec 11, 2005
- Messages
- 433
- Reaction score
- 45
That reads like it's all high power on your face of this business.
What are the tax write offs for?
Tax write-offs are for limiting your exposure when the fed. govt. comes around in april and asks for all your hard-earned cash.
Practically everything business-related can be written off, including: ropes, saddles, saws, fuel, climbing and rigging gear, truck and equipment purchases (may need to depreciate) equipment rentals, certain labor, sub-contractors, uniforms (boots, chaps, PPE, shirts, jeans, polos, gloves, socks, coats, hats, etc.) shop and office expenses including supplies, parts, rent and utilities, maintenance and repair costs, advertising, professional consultation services, accreditations and certifications, CEUs, on and on and on.
Save your receipts and find a good accountant that understands what a "Schedule C" is.
The trick is, in a biz that deals with a sometimes considerable amount of cash, not to claim write-offs that exceed your yearly income (on paper, excluding the cash that you may not have claimed as income), cause then the IRS gets curious about how you spent all that money and still could afford to pay your bills and feed your family. Mess that one up, and then you got an Audit on your hands...