Lawn Care Business Forum Lawn Care Business Book Lawn Care Business Blog Lawn Care Software
Home Forum Contract & Flyer Templates Blog Software Videos Podcast Calculators / Estimators Store Mower Review Design It Yourself Lawn Business School

Go Back   GopherHaul Landscaping & Lawn Care Business Marketing Forum

» Welcome to the Gopher Lawn Care Business Forum
GopherHaul Landscaping & Lawn Care Business Marketing Forum

GopherHaul Landscaping & Lawn Care Business Marketing Forum (http://www.gopherforum.com/forum-index.php)
-   General Business Discussions (http://www.gopherforum.com/forumdisplay.php?f=11)
-   -   Tax write off for house (http://www.gopherforum.com/showthread.php?t=16541)

CHEESE2009 05-19-2012 09:45 PM

Tax write off for house
 
Alright, so I'm looking at moving into a new home, but I never considered any space as an office to write off for taxes. Anyone want to explain how it's covered?

Does it go by square footage? Just wanna ball park it.

I'd be paying $1,500 monthly for this house, the office would take up the entire basement living room which I still have to measure out.

How about parking/garage/shed, can that be a business write off too?

Hedgemaster 05-19-2012 11:40 PM

I don't know how it works up there, but here it's square footage of the office space.
Said space is technically only allowed to have business related items in it. If it's your office, you can't have a storage area/shelves for non business stuff in it. If you want to get really technical, you aren't allowed to surf the net from that room unless it's business related surfing.

I do deduct half of my garage space as well.
I'm not sure if an outbuilding qualifies.

You can deduct a portion of your utilities as well.

CHEESE2009 05-20-2012 12:36 AM

Quote:

Originally Posted by Hedgemaster (Post 108421)
Said space is technically only allowed to have business related items in it. If it's your office, you can't have a storage area/shelves for non business stuff in it. If you want to get really technical, you aren't allowed to surf the net from that room unless it's business related surfing.

Would anyone make surprise visits to check up on this? If I (for example) have a bag of personal potato chips in my office space, how screwed would I be? lol

stevef1201 05-20-2012 05:16 AM

First let me say that you need a qualified accountant to answer this question. I deudct by percentage my office space, garage (exclusivly for mower and equipment storage and repair) electric, water, taxes,etc. This was all set up by my accountant, who as I said earlier you need.

Be very carefull about this.

A very good friend of mine did not do this correctly, and got auditited by the IRS several years ago. He told his wife that he would be going to jail because he cheated on the taxes. To make a long story short, after 8 hours of audit, the IRS auditor told him that home based business is the area of the greatest mistakes made by people. He disallowed several thousand dollars of 'write off' but then did the most unexpected thing. He told Dick that he was getting an addtional 1000 dollars back becasue now his tax write off were correct. He then told Dick TO GET AN ACOUTANT and this would not happen again.

CHEESE2009 05-20-2012 11:16 AM

I have an accountant, I'll be sure to ask him about all this.

LawnTeam 07-11-2012 09:06 PM

Business use of home
 
I do have an accounting degree. Make sure to discuss what happens when you sell a house that has been used partially for business, with your tax accountant. Also, have a talk with your insurance agent. Homeowners policies generally do not cover business items such as computers and such when they are in the home. Your agent can help you get the right coverage for the space. We learned this the painfull way after a hurricane hit our home and my business space was ruined. Who'da'thunk? I lost my shirt.

Steve 07-12-2012 02:25 PM

Scott,

Another thing to consider is if you use any of those tax software packages, especially the ones that are for small business, they ask you questions about this and walk you right through the process.

Quote:

We learned this the painfull way after a hurricane hit our home and my business space was ruined.
Can you give a little more insight as to how all this played out? I bet a lot of members are wondering how such storms could effect their business without the proper insurance.

LawnTeam 07-12-2012 09:51 PM

business items not covered by homeowners' coverage
 
Quote:

Originally Posted by Steve (Post 111468)

Can you give a little more insight as to how all this played out? I bet a lot of members are wondering how such storms could effect their business without the proper insurance.

We had a huge storm come through. The remnants of Hurricane Ida converged with a Nor'Eastr and slammed into us (Nov 2009). A room on the side of our home was used for business only. Displays, seating, supplies, etc. were destroyed by water damage and broken glass. It was a mess. When the insurance agent came to check out the damage, we were shocked to find that the entire contents of the room were uncovered**they were legally business property and excluded from coverage. The damage to our property was so significant that I was essentially out of business temporarily. A neighbor's tree also fell and destroyed our newly completed workshop, a large shed, and the swimming pool was destroyed during clean-up as well. We were unprepared.

As a result, we had to depend on the kindness of others to recover. We were unable to aquire more coverage after the disaster and were left totally uncovered when Hurricane Irene hit in Aug 2011.

We have learned that an oversight and misunderstanding can really cost. The legacy of that disaster is still following me. Make sure your agent is adept at working with businesses and fully understands what equipment you have, who uses it, and where it is stored.

It may sound foolish, but now I try to ask lots of questions, even if I think I understand. I get everything in writing and do tons of research as if it is for one of the stories I cover. I would rather think me a bit dense than end up paying out huge amounts when I could be covered.

Hopefully it won't happen to someone else.

Apex Lawn & Landscape 07-12-2012 11:07 PM

Hey Cheddar ! This is off the topic and I apologize... But no more of this depending on the weather to put food on the table. You say your customers pay wether you come or not, how did you go about explaining this to them? Can you give me some advice as to how I should go about doing this? Thanks broham..

Steve 07-13-2012 11:59 AM

Quote:

The damage to our property was so significant that I was essentially out of business temporarily
What a story. I hope others are able to learn from this and keep insurance in mind when they are operating, even partially, a business out of their home.


All times are GMT -5. The time now is 05:38 AM.

Powered by vBulletin® Version 3.7.1
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
(C) 2011 Riggs Publications - Terms of use & Privacy Policy

» Recent Threads
  RatingTitle, Username, & Date Last Post Replies Views
Help pricing cut down 7...
Bradcook21
Yesterday 11:17 PM
Yesterday 11:47 PM
by SGL1
1 26
These are the days on...
ExtremeLawncareServices
03-22-2014 09:12 AM
Yesterday 04:21 PM
by ExtremeLawncareServices
110 6,414
Walk Behinds and Texas...
SGL1
Yesterday 03:53 PM
Yesterday 03:53 PM
by SGL1
0 40
Lawn needs top soil What...
jymie
Yesterday 11:01 AM
Yesterday 01:05 PM
by jymie
2 71
Softball field
kslawn
08-15-2014 09:28 AM
Yesterday 12:16 PM
by stevef1201
13 416
Exmark Lazer Z S-Series...
BLC7
08-22-2014 10:18 AM
Yesterday 12:09 PM
by stevef1201
4 159
Stihl engine isn't...
Marcintosh
08-12-2014 08:30 PM
Yesterday 06:42 AM
by Just for Cuts
7 312
How do I approach...
Bradcook21
08-21-2014 01:48 AM
Yesterday 05:08 AM
by Billy Goat
12 353
Tender Process
M2Dave
08-24-2014 12:31 PM
08-25-2014 04:14 PM
by Steve
2 113
Grass hopper mower
ExtremeLawncareServices
12-05-2013 08:51 AM
08-25-2014 04:02 PM
by Steve
26 3,730
Need help pricing basic...
Bradcook21
08-22-2014 01:21 AM
08-22-2014 01:05 PM
by Steve
2 161
Yearly contract Pricing
jrob0691
08-21-2014 08:57 AM
08-22-2014 01:01 PM
by Steve
6 224
yearly contract help...
jrob0691
08-21-2014 04:09 PM
08-22-2014 12:48 PM
by Steve
1 120
Pampas bushes
Bradcook21
08-22-2014 01:30 AM
08-22-2014 07:17 AM
by grassdoctore
1 105
2014 Gie-expo
ExtremeLawncareServices
08-19-2014 11:22 PM
08-21-2014 08:50 PM
by phlawncare
2 148
Fuel Can Spouts
Shark1611
08-16-2014 09:09 AM
08-21-2014 08:23 PM
by SGL1
11 371
Have you ever had to...
SouthernRootsLawnCare
07-26-2014 02:41 PM
08-21-2014 05:03 PM
by stevef1201
6 651
Hello
M2Dave
08-21-2014 12:32 AM
08-21-2014 01:38 PM
by Steve
1 108
New Landscaping Business
rekon32
08-16-2014 02:26 PM
08-21-2014 12:33 PM
by SouthallMowing
8 430
Downed Tree Chop Bid
WesleySnips
08-16-2014 03:47 PM
08-20-2014 01:44 PM
by SGL1
10 404
60 inch honda/bunton...
pblawncare
08-17-2014 11:30 AM
08-18-2014 03:19 PM
by Steve
2 176
Replacement Parts -...
nicholas-KC
08-16-2014 08:40 AM
08-18-2014 03:16 PM
by Steve
4 266
Preparing the soil
Billy Goat
08-16-2014 06:18 PM
08-18-2014 03:01 PM
by Steve
1 179
What to pay help
phlawncare
08-04-2014 08:33 PM
08-18-2014 10:33 AM
by jrs.landscaping
29 987
Hello
Jeff1
08-07-2014 11:18 PM
08-15-2014 11:53 PM
by Jeff1
11 479
Lie #2 RESIDENTIAL...
ExtremeLawncareServices
01-06-2014 05:02 AM
08-15-2014 01:46 PM
by mattthelawnguy
54 6,553
Need help 30 HP koler...
Shady Grady
08-01-2014 03:31 PM
08-15-2014 08:46 AM
by kslawn
18 658
New Boomless Sprayer!
BlackRain75
01-03-2014 01:01 PM
08-14-2014 02:37 AM
by BlackRain75
12 1,834
first year update
cmdlawncare
08-12-2014 05:41 PM
08-13-2014 03:29 PM
by Steve
1 277
Hello from Jacksonville,...
JM Lawn Care
08-10-2014 07:15 AM
08-13-2014 07:04 AM
by Sprinkler Buddy
9 379
Hello everyone new to...
maddyandrays
08-11-2014 04:51 PM
08-12-2014 08:58 PM
by Shark1611
2 232
Walk behinds
hpruitcei
08-07-2014 06:28 PM
08-12-2014 02:35 PM
by mattthelawnguy
7 491
New name help
stevef1201
08-10-2014 04:27 PM
08-12-2014 12:03 PM
by Steve
6 375
my little green dilemmas
Lawn Techie
08-03-2014 11:47 AM
08-11-2014 01:20 PM
by Steve
7 486
what the best...
CleanCutsLLC
08-02-2014 01:02 AM
08-11-2014 01:16 PM
by Steve
6 502
Texas lawn care company...
Livingston Lawn Care
07-25-2014 11:29 AM
08-11-2014 01:19 AM
by ExtremeLawncareServices
13 779
Covering all the bases
janslawncare
08-08-2014 10:11 AM
08-08-2014 01:41 PM
by Steve
1 319
New from Florida
ADE
08-06-2014 08:40 PM
08-08-2014 01:32 PM
by Steve
4 393
JOB - Landscape Install...
janslawncare
08-08-2014 10:06 AM
08-08-2014 10:06 AM
by janslawncare
0 278
Battery power tools or...
Steve
08-07-2014 12:24 PM
08-07-2014 05:18 PM
by mattthelawnguy
2 284
My client just told me...
Greg'slawnandlandscape
08-04-2014 08:39 AM
08-06-2014 11:14 PM
by grassdoctore
12 623
Illegal spraying
GoGreenerKS
07-04-2014 09:11 AM
08-06-2014 02:03 PM
by Steve
13 1,254
Mowing the hills
EyeCatchersNow
07-08-2014 12:22 PM
08-06-2014 01:40 PM
by Steve
20 1,487
Crop Rotation Techniques...
eastsidelandcare
07-17-2014 03:47 PM
08-06-2014 10:29 AM
by eastsidelandcare
5 668
Late charge
Simon Abousaada
07-30-2014 07:23 PM
08-05-2014 06:46 PM
by TheBeast
12 887
buy out a lawn care...
rvezakis
08-05-2014 01:38 PM
08-05-2014 06:40 PM
by TheBeast
10 614
Please help
unitedlawncare48867
03-26-2014 08:29 PM
08-05-2014 05:27 PM
by TheBeast
27 1,686
Help with Estimate
donslawns
08-02-2014 09:10 AM
08-05-2014 02:24 PM
by Steve
6 538
Stuck again!!!!
Greg'slawnandlandscape
08-01-2014 11:02 PM
08-05-2014 09:05 AM
by Greg'slawnandlandscape
10 534
Mow and leaf cleanup bid
SGL1
07-29-2014 07:28 PM
08-05-2014 07:22 AM
by petscanning
25 1,079
Read more about these lawn care business marketing categories.
General Business:
GopherHaul, Podcast
How to Estimate - Services To Offer:
Aeration, Apartment / Condo, bed edging, Color Change Plantings, Dethatching, Edging, Fall Leaf Cleanups, Foreclosed Homes, Gutter Cleaning, Hardscaping, Hedge Trimming, Home Safety Inspection, Irrigation, Landscape Project, Lawn Mower Repair, Mowing, Mulch Jobs, Outdoor decoration, Parking Lot Cleanups, Pet Waste Removal, Pressure Washing, Property Management, Snow plowing, Stump Grinding, Tree Removal
How to Estimate Jobs:
Lawn Care Business:
Barter, Bikini Lawn Care, Business Failure, Business loan, Business Plan, Debt, Debt Collection, Estimate or Proposal Form, Franchise, Fuel surcharge, How to sell, Insurance, Job Tracking, Lawn Care Contract, Lawn Care Customer Survey, Lawn Care Uniform, Lawn Care Videos, Operational Costs, Overhead Costs, Prepay, Pricing, Start up, Tiger Time Lawn Care,
Lawn Care Business Books:
Lawn Care Customers:
Buying customers, Commercial Customers, Customer Retention, How to get, Residential Customers
Lawn Care Employees:
1 Man Lawn Crew, Bonus Pay, training, Your First Employee
lawn care equipment:
bed edger, Lawn Care Truck, Leaf Sweeper, Mower, New Arrival, Trailer, UltraVac
Lawn Care Marketing:
Billboard, Brochure, Business Card, Community Projects To Promote Your Business, Coupons, Cross Promotion / Synergy, Direct Mail, Door hanger, door to door, Free Giveaway Contest, Free Lawn Care Flyer Template, Gift or Discount Cards, home show, Internet, Lawn Care Business Sales Letter, Lawn Care Logo, Lawn Care Marketing, Lawn Care Truck & Trailer Signs, Lawn Care Website, Lawn Signs, Magazine Ad, Magnets, Mailing list, Marketing on Craigslist.com, Newspaper Ads, Parade, Postcards, publicity stunt, Referrals, Review My Lawn Care Marketing Material, t-shirt, Welcoming Kit, Word Of Mouth
Seasonal Promotion Ideas:
4th of July, Armed Forces Day, Christmas, Election Day, Fall, Halloween, Memorial Day, Spring, Summer, Valentine's Day, Veteran's Day, Winter:
Software:
Estimation Software, Landscaper Software, Landscaping Business Software, Landscaping Estimate Software, Landscaping Software, Lawn Care Business Software, Lawn Care Estimating Software, Lawn Care Software, Mowing Software
Uncategorized:
Video:
Website:
Search Engine Optimization
» Lawn Care Business Discussion Categories
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 05:38 AM.


(C) 2011 Riggs Publications - Terms of use & Privacy Policy

All times are GMT -5. The time now is 05:38 AM.

(C) 2011 Riggs Publications - Terms of use & Privacy Policy