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legal business address?

Discussion in 'Business Fundamentals' started by bribrius, Oct 12, 2007.

  1. bribrius

    bribrius PlowSite.com Addict
    Messages: 1,609

    i imagine ill need one at tax time. thing is i already pulled a business permit and established another completley unrelated business where i live. i have another property but that is under this business too.
    so for snow removal? can i double up the addresses? also for snow removal could i deduct a truck just like it was a snowblower over four years on the other business or would it be better to deduct under snow removal? my other truck i was told to just deduct for mileage on both business's and keep track which i wasnt very adept at. be easier to just do it yearly. course then the plow? how do i come up with a value for the plow? i have no purchase price. im basically self employed mortgages, where i live also and have rentals. so i could deduct the truck yearly on the rentals right? little lost here.
  2. Mick

    Mick PlowSite.com Veteran
    from Maine
    Messages: 5,546

    You need to consult a tax advisor. Although Federal tax rules are applicable the same everywhere, State tax rules vary. For instance, in Maine, two trucks make a "fleet" and you can use mileage or actual expenses. But, basically, I think you'll want to form an umbrella company to bring everything under for reporting purposes. Yes, you can have more than one business at one address. You can also deduct the truck, but how you deduct it depends on several things. For setting a value, have some basis to show an auditor (like a "Blue Book" page).
  3. basher

    basher PlowSite Fanatic
    from 19707
    Messages: 8,990

    Find a local Accountant/tax advisior.

    My account mets with me at least twice a year and answers questions when ever I call. If he doesn't know then he finds out. He has called the IRS, the state division of revenue, banks, the township and I don't know how many others on my behalf. My wife is visually impaired (Blind) he has been excellent at dealing with SS and other entity's on her behalf. He charges me a very fair rate (which is deductible:) ).

    A good accountant will save you more money then you pay him.

    For example, I take a very low paycheck, but receive quarterly corporate dividends, no WC, matching SS, unemployment, etc...

    I also have a financial adviser who tells me what to do with my money after I get it.

    Find some one local, ask around see who you friends and colleagues recommend

    I went though three accountants in 5 years until I found the one I have, been with him for 10 years and will not change unless something stupid happens.

    I think anyone in business needs to have a account that he is on a first name basis with, the laws are too complex and change too often for the small business owner to keep up.
  4. bribrius

    bribrius PlowSite.com Addict
    Messages: 1,609

    you know how they have full service brokers and discount brokers? well i picked a discount accountant. im basically suppose to figure it out myself and bring it over all nice and organized and neat and drop it off for him to file it.
    considering how confusing i seem to have made it id say a full service accountant (at least a couple times) could have found a more organized route. so id have to say that was good advice. Thankyou.
  5. basher

    basher PlowSite Fanatic
    from 19707
    Messages: 8,990

    I tried the national service accountant type first, gave me a book to keep track of every thing. Reviewed it monthly charged me to look at them then end of the year they copied it all on the the forms and raped me on the bill.

    looked for a independent guy after that. took me awhile to find the guy i have now, he's awesome! This dude charged me about a grand more the first year to get thing the way he wanted, got my corporate book straight and everything since then he's done all the taxes and answers all the questions, and gives good advice, and is he!! to get a hold of:dizzy:, it's his only downfall.

    I trust him, can understand him when he gives me advise, he always shows up when he's supposed to, reminds me of thing i need to do. A valued member of the team. Was invaluable during my divorce.:cool:

    We can't be great at everything. Delegate the things you're weakest at. For most of us that's the tax side, incredibly hard to stay current, it's a full time job.