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Tax time (real soon) first year

Posted By: TNADC

Tax time (real soon) first year - 12/22/21 08:17 PM

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
Posted By: Bob Jameson

Re: Tax time (real soon) first year - 12/22/21 09:19 PM

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.
Posted By: EatenByLimestone

Re: Tax time (real soon) first year - 12/23/21 12:12 AM

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.
Posted By: Willy Firewood

Re: Tax time (real soon) first year - 12/23/21 01:32 AM

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!
Posted By: JoeyHalk

Re: Tax time (real soon) first year - 12/23/21 01:04 PM

Having a totally separate bank account from your personal account is also going to be majorly helpful.
Posted By: Aix sponsa

Re: Tax time (real soon) first year - 12/25/21 01:51 AM

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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