GB GONE Posted April 11, 2006 Report Share Posted April 11, 2006 This might be a little broad of a question but how is everybody (if you are), keeping an inventory, FIFO, etc. for business purposes or do you just write off supplies and the cost of doing business... Maybe I am actually asking how you have structured your business. I am listed as an S Corp. My boat mechanic asked me if I write off all my tournament fees and expenses associated (gas. lodging, meals, etc.) as that is essentially advertising as I have my logo on my boat and give out samples at the ramp and to the bait shops close by. I do keep records of all... He even suggested my repairs and upgrades on my boat could be considered expenses towards my main "vehicle" for my business. I might get some interesting responses and I am not a tax preparer or attorney but would like to maximize my tax advantages if possible as I am not making it rich pourig yet !!! Thanks all!!! Jim Quote Link to comment Share on other sites More sharing options...
Angler310 Posted April 11, 2006 Report Share Posted April 11, 2006 Jim I use quick book, a great small business program and very easy to set up and use. you keep all the records and transactions, does inventory, you print out a spread sheet and let your tax people take it from there. Mike Quote Link to comment Share on other sites More sharing options...
wannabefishing Posted April 11, 2006 Report Share Posted April 11, 2006 My in-laws runa small business on Ebay and they write off alot.... they write off toll fees going across the boarder, gas for picking up their shipments, their computer which they needed to have for record keeping and advertising... etc... you don't get all the money you spend back, in most cases you only get a few dollars, but it all helps... This is for a canadian business tho, notsure how a US one works.. tho i have heard a certain member writes off his tourney and boat expenses through his pouring business Quote Link to comment Share on other sites More sharing options...
nova Posted April 11, 2006 Report Share Posted April 11, 2006 Jim; You may want to spend a couple of bucks and talk to an accountant. Don't want to make Uncle George angry at you, lol. As was said; the laws up here are slightly different, but I'm sure that if you maintain and office of sorts in your house you will be able to claim a % of the expenditures you in cure such as heat,lights,phone,property taxes, etc. In any case, check it out to be sure. Quote Link to comment Share on other sites More sharing options...
GB GONE Posted April 11, 2006 Author Report Share Posted April 11, 2006 I do keep records for the power, computer, website costs, etc. for deducting as I have had a few businesses in the pat and know that all of that is eligible for write off. I was mostly curious about inventory record keeping because if you incorporate you have to designate the type of business you are in. If you designate any type of manufacturing, you have to report and keep records of your inventory. Maybe I will classify as something else and avoid that all together. All costs of doing business including business cards, labels, bags, shipping, office expenses, copmuters for doing business, eBay fees, etc. can be written off as deductions if you are incorporated. Jim Quote Link to comment Share on other sites More sharing options...
smallheadz Posted April 12, 2006 Report Share Posted April 12, 2006 Jim get quickbooks-your accountant will thank you. It depends on how you want to claim the stuff. The easiest way is to figure out the mark up and cost and write off the total at the end. Rather than claiming all of your supplies this year and having nothing to fall back on next year. Ex. If you sell 2000 worth of stuff this year and you have 50% mark up then you write off 1/2 or 1000. This is for your supplies only. The rest of the stuff can also be taken off but that is where my CPA takes over. Keep a log book for mileage-you can crush em with this write off and since your going fishing any way. If you are not sure then keep the reciept anyway. You will be amazed at what you can claim. Oh yea did I mention get Quickbooks. Waiting a little late aren't you? Quote Link to comment Share on other sites More sharing options...
GB GONE Posted April 13, 2006 Author Report Share Posted April 13, 2006 Not waiting smallheadz, just trying to get more organized as I go forward. I have done my own taxes for my corporations for years but was interested in how others were organizing. Basically, anything you use or do can be written off IF you maintain the correct documentation!!! When I go on vacation, I always visit a tackle shop or 2 with a card and samples.....I write off the whole trip. All the baits I buy, molds, materials, etc. are written off along with anything I use to make molds. Cellular phones, websites, etc are certainly included in deductions also.... Jim Quote Link to comment Share on other sites More sharing options...
smallheadz Posted April 13, 2006 Report Share Posted April 13, 2006 jim i was just giving you a little grief. We do the same thing for trips. later Quote Link to comment Share on other sites More sharing options...
GB GONE Posted April 13, 2006 Author Report Share Posted April 13, 2006 Can't wait to go to Mexico Quote Link to comment Share on other sites More sharing options...
TTDuckman Posted April 14, 2006 Report Share Posted April 14, 2006 Jim, Don't forget about the space your business occupies in your home, all utilities. These are taken with formulas that your CPA will know. There are advantages to the S-Corp in addition to the insulation that they provide. You may discuss with your CPA about renting your residential space used for the business to your corporation. This also can provide some tax advantages. Tim Quote Link to comment Share on other sites More sharing options...
