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Tax time (real soon) first year #7438671
12/22/21 04:17 PM
12/22/21 04:17 PM
Joined: Aug 2021
Posts: 58
Tennessee
T
TNADC Offline OP
trapper
TNADC  Offline OP
trapper
T

Joined: Aug 2021
Posts: 58
Tennessee
This is my first year with an official business. I have kept logs of miles, clients, payments and expenses. What may I write off as a business expense? I think my traps, mileage, headlamp/flashlight, dispatch gun, etc. Anyone with other ideas please.

Thanks, Wally, Tennessee Wildlife Relocation Service

Re: Tax time (real soon) first year [Re: TNADC] #7438721
12/22/21 05:19 PM
12/22/21 05:19 PM
Joined: Dec 2006
Posts: 5,733
SW Pa
B
Bob Jameson Offline
trapper
Bob Jameson  Offline
trapper
B

Joined: Dec 2006
Posts: 5,733
SW Pa
Good idea to find a Tax accountant service locally and set up a meeting to advise you from the beginning. There are many options for deductions. Vehicle depreciation is one that is done over the next few years depending upon the age of your vehicle. Do you collect sales tax, we do here for our work. Lots of record keeping and filing dates.

Re: Tax time (real soon) first year [Re: TNADC] #7438893
12/22/21 08:12 PM
12/22/21 08:12 PM
Joined: Oct 2011
Posts: 605
Schenectady, NY
E
EatenByLimestone Offline
trapper
EatenByLimestone  Offline
trapper
E

Joined: Oct 2011
Posts: 605
Schenectady, NY
I 2nd finding an accountant. You specialize in wildlife, they specialize in taxes. A good accountant saves you what their cost is, so they are free. A good one will also help you plan for the future.

Re: Tax time (real soon) first year [Re: TNADC] #7438981
12/22/21 09:32 PM
12/22/21 09:32 PM
Joined: Jul 2017
Posts: 2,331
Ohio
W
Willy Firewood Offline
trapper
Willy Firewood  Offline
trapper
W

Joined: Jul 2017
Posts: 2,331
Ohio
Hire a good accountant who will save you much more than they charge. Ask the accountant what records to keep for deductions, expenses, and depreciation, and to prove that you really operate a business. Ask the accountant about IRS section 179. The tax savings in expensing and depreciating assets is fantastic!

Hire a lawyer to set up a limited liability company and create document forms.

Sleep easy and be successful!

Re: Tax time (real soon) first year [Re: TNADC] #7439346
12/23/21 09:04 AM
12/23/21 09:04 AM
Joined: Apr 2008
Posts: 1,847
Nashville, TN 27 y/o
J
JoeyHalk Offline
trapper
JoeyHalk  Offline
trapper
J

Joined: Apr 2008
Posts: 1,847
Nashville, TN 27 y/o
Having a totally separate bank account from your personal account is also going to be majorly helpful.


once you go trap, you never come back

www.halkerswildlifecontrol.com
Re: Tax time (real soon) first year [Re: TNADC] #7440875
12/24/21 09:51 PM
12/24/21 09:51 PM
Joined: Feb 2014
Posts: 8,100
Louisiana
Aix sponsa Offline
trapper
Aix sponsa  Offline
trapper

Joined: Feb 2014
Posts: 8,100
Louisiana
Originally Posted by TNWildlifeRelo
This is my first year with an official business. I have kept logs of miles, clients, payments and expenses. What may I write off as a business expense? I think my traps, mileage, headlamp/flashlight, dispatch gun, etc. Anyone with other ideas please.

Thanks, Wally, Tennessee Wildlife Relocation Service



I just canít see you regretting hiring a CPA. Mine explains the ins and outs anytime I ask throughout the year AND charges less than H&R Block!

When you donít know about something, hiring a professional is usually worth it. Itís surprising what can be deducted. Go to a professional and build a relationship.

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