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Post by woodmannie on Oct 31, 2009 16:00:42 GMT -6
since I haven't been too active, thought I'd tell ya what I've been up too.
First, I'm still a mason 40 hrs a week.
Second, I'm doing hanyman service on the side and lovin it. Who'da thought an ad in the local paper be so responsive.
Third, I'm building a new shop, 22x24. Twice what I got now.
I do like this new forum TJ. I didn't leave the other one, but did post a leave of absence. This, so far, suits me better. And all the guys that seemed to talk/answer questions are here. Like going from the living room into the man cave.
Tom
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sawduster
Moderator 
The Motley Crew
Posts: 1,831
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Post by sawduster on Oct 31, 2009 16:06:01 GMT -6
I'm wondering how much of that new shop and equipment you can write off to your handyman side business. Well, guess most of it wouldn't be a direct write off, but you could take depreciation against your income for tax purposes.
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Post by woodmannie on Oct 31, 2009 16:16:35 GMT -6
Not too sure about that. I can write off the 14' box truck I bought. If I use the shop for work, I think I can claim the space on my taxes. Think I need an accountant.
Tom
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Post by TDHofstetter on Oct 31, 2009 16:23:21 GMT -6
It comes down to percentage of use - they ask you to estimate how much occupational use and how much personal use you make of the shop, then calculate what percentage is occupational use. THEN they want you to either write it off ONCE or depreciate it out over however many years they figure it'll last.
It's easier if you rent yourself shop space/time/resources in your own shop - then you get to call it a business expense. On the other hand, then the you-the-landlord have to account for the rental income, too...
When I was contractoring I never claimed part of the shop - it just got too ugly. I claimed miles like crazy, though - everywhere I could legitimately, I claimed 'em. Added up a LONG LONG way.
Tooling, too, if I used the tools extensively (or bought them especially for) the work. You can write those off once or depreciate 'em out, either way.
...and phone. Either divide out your business/personal phone use or have a phone dedicated to the business.
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Post by woodmannie on Oct 31, 2009 16:34:06 GMT -6
Thinking of adding a phone(cell) just for work.
Got tools to write off. And the box only gets run for work. Makes mileage easy to keep track of. Same with the gas.
Tom
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Post by Leo Voisine on Oct 31, 2009 17:28:04 GMT -6
Be careful about what you write off as a tax credit.
If you write it off - that means the business OWNS it and NOT you.
If the business fails - you loose out on the tools.
Ask me how I know this.
Mr. Handyman
Sure I still do handyman work - yeah good money to be made. I do NOT use my shop or tools in any sort of write off.
Leo
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Joe Lyddon
WoW Member
Banned.
Sam Maloof & I Dec. 2, 2005
Posts: 2,507
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Post by Joe Lyddon on Oct 31, 2009 18:31:48 GMT -6
Welcome aboard Tom!
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Post by woodmannie on Oct 31, 2009 19:49:52 GMT -6
Leo,
Was that because you joined a franchise? I know people that folded up and kept everything. Being a sole proprietor may be different.
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Post by TDHofstetter on Oct 31, 2009 21:35:04 GMT -6
I was sole proprietor - it went OK for me. Since I was the owner of the company (and technically still am) I got to keep everything I bought for business use.
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Doug B
WoW Member
[b]Rescued Firewood[/b]
Posts: 1,938
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Post by Doug B on Nov 3, 2009 0:48:46 GMT -6
Good to see you here too WM!
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Post by scottd on Nov 8, 2009 21:18:26 GMT -6
Not too sure about that. I can write off the 14' box truck I bought. If I use the shop for work, I think I can claim the space on my taxes. Think I need an accountant. Tom Get an accountant! I had a lawn service business for a few years and I found that the accountant saved me much more than he cost me. Scott |
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Post by tlcneeded on Nov 9, 2009 2:40:51 GMT -6
yep its you welcome
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Post by Leo Voisine on Nov 9, 2009 11:26:13 GMT -6
When I closed the franchise - I didn't claim ANY of the tools I own - but I didn't ever claim any of them.
When I was going through the corporation bankruptcy - they were asking about assets. Any assets that the business owned were subject to the debtors discretion
Mr. Handymen never owned any of my tools - only me.
No the franchise didn't have any holds on my business - but the corporation I formed did.
The corporation - is of course a seperate entity from the individual.
I do still do a little handyman work now - no corp
I would like to some day get off my ass and develop my custom sign and craft business - but forming a corp for that if so far into the distant future I cannot see it.
As Sole propritor - you and the business are one entity - that is where I plan on being for a long time.
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