It is currently Tue Apr 16, 2024 1:14 pm




Reply to topic  [ 10 posts ] 
 LLC's and tax write offs 
Author Message
MMT Elite Member

Joined: Wed Mar 03, 2010 7:00 pm
Posts: 6060
Location: Choudrant, La
Post 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


Sat Jul 22, 2017 5:11 pm
Profile
MMT Sponsor

Joined: Fri Jan 10, 2014 1:16 pm
Posts: 2107
Location: Gladewater TX
Post 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


Sat Jul 22, 2017 5:13 pm
Profile
MMT Elite Member

Joined: Wed Mar 03, 2010 7:00 pm
Posts: 6060
Location: Choudrant, La
Post 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


Sat Jul 22, 2017 5:17 pm
Profile
MMT 1000 Club

Joined: Mon Dec 31, 2012 11:07 pm
Posts: 4820
Location: West Monroe, LA
Post 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


Sat Jul 22, 2017 6:19 pm
Profile
MMT 1000 Club
User avatar

Joined: Thu Jan 31, 2013 5:42 pm
Posts: 1913
Location: Conroe tx
Post 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


Sat Jul 22, 2017 7:18 pm
Profile
MMT F.E.
User avatar

Joined: Thu Apr 18, 2013 5:52 pm
Posts: 870
Location: SW LA
Post 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


Sun Jul 23, 2017 8:18 pm
Profile
MMT Pro Member

Joined: Tue May 06, 2014 10:04 am
Posts: 150
Location: North Georgia
Post 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


Tue Jul 25, 2017 3:43 am
Profile
MMT Addict
User avatar

Joined: Tue Mar 17, 2015 1:38 am
Posts: 606
Location: Beaumont, Texas
Post 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


Tue Jul 25, 2017 7:29 am
Profile
MMT 1000 Club
User avatar

Joined: Thu Jan 31, 2013 5:42 pm
Posts: 1913
Location: Conroe tx
Post 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


Tue Jul 25, 2017 9:08 am
Profile
MMT Addict
User avatar

Joined: Tue Mar 17, 2015 1:38 am
Posts: 606
Location: Beaumont, Texas
Post 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


Tue Jul 25, 2017 10:42 am
Profile
Display posts from previous:  Sort by  
Reply to topic   [ 10 posts ] 

Who is online

Users browsing this forum: No registered users and 91 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Jump to: