Don't Pay Taxes | Keep Your Money | THE HANDYMAN BUSINESS |

You can't do both vehicle depreciation and mileage. One or the other for the work truck /van. Once your vehicle is depreciated you can take mileage. My last work truck I was tracking mileage. Another way to reduce your taxable income is by opening a SEP IRA. Once you do your taxes you will know how much you made. You can put up to 25% of your income into that SEP.

A friend who owns a small business was audited years ago, he gave the IRS 4 big boxes 7 years of business papers all mixed up and he said that's all I got. A week later the IRS called him and asked him to pick up the boxes. The boxes was not even opened, it was in the same condition as when he dropped them off. He never heard from the IRS again. 🤣

You should sign up with lowes, homedepot, etc. online accounts that way you get all receipts electronically. Then whenever they appear in your mailbox put into a seperate folder titled (receipts for taxes) or something like that. Makes life a lot simpler. Love your channels btw!

It’s rare to get this helpful of advice, I know it’s weird but I really look up to you man thank you for sharing this! I’m a novice woodworker that sells furniture on the side and your videos have helped me a ton.

It’s not how much you make, it’s how much you keep.

My CPA hates me lol I don’t/ won’t pay quarterly as I do seasonal work. I am an LLC I do pay my taxes but I don’t stress over things like being on time lol My CPA takes care of the rest I don’t save receipts as they are usually available online. I have a card I use for business expenses and only for that. I don’t even chase slow paying customers, I let my automated email reminders remind them every 2 weeks until they pay and I don’t even bother to stress it. Still at 100% for being paid

Couldn't agree more on having an accountant. I got audited a few years back and couldn't sleep for days, they ended up finding a $32 discrepancy over 5 years of taxes.

Do this by job, property etc. do it monthly to ease workload. Or spend an hour every Saturday morning, that’s what I do, at end of year three hours I’m done. My wife for her business take month and a half to accumulate and categorize her receipts. Big pain.

The tip on turning a vacation into a business trip was brilliant, will definitely be researching that further!

Lowes and home depot email receipts. Home depot's pro extra provides complete purchases as well. Hate to say it but we all carry a scanner in our pocket.

My income for the past 20 years has been from the cap gain on the house I live in. I buy a fixer, move in and fix it up and sell. the cap gain up to $250k is tax free. I've done 3 in 20 years, working on #4 now.

One of the main reasons I love shopping home depot is the automatic, in-store purchase e-receipts. As long as you use a registered CC.

The more I watch your videos the more I realize that my house is not in order and I thank you for that! I have a regular day job and have been working nearly every night and weekend as a handy-man/general contractor. With all this work, family life and ADHD (unmedicated) it is extremely hard to find out what I should be doing especially on the bookkeeping part. Great video and love the scanner! Im going to order one. It will be so much easier to keep them sorted on my NAS then to have to go through my shoebox every year at tax time. Thanks for sharing your experiences and advice!

I don't know if this is a helpful tip for anyone, but a friend of mine has a small business and he pays a set fee every month to an accountant and they input all his receipts and do his accounts monthly. Saves him a lot of stress - he just hands over all his receipts each month or periodically. Most people say they will do it all themselves, but many leave it all until tax time, which is stressful all year as you watch those receipts build up towards tax season....especially me...I'm a procrastinator...yikes. Even just pay a part-timer to scan and enter the receipts for you - that's the worst part...but you're right - A good accountant is worth their weight in gold - they will save you tons of money

I keep track of my expenses on a spreadsheet on my phone. I immediately tally it up, and put an X at the top of the receipt, so I know it’s counted. I don’t wait until the end of the year. You always have an extra minute to do it right away, rather than a big marathon at tax time. Then I email backups of the spreadsheet to myself ever now and then.

Good day handyman. We all just really appreciate you and all you do to help out. In the many ways of running a buisness. All the best and continued success brother 👍

just started a biz, although i' have been doing this for 20 years or more as weekend side jobs but the hoops you have to go through , man i feel ya

Love it. “That’s my story sticking to it” 🤣

You're a really good man bro. I don't have anyone to teach me this. Wasn't taught much at all from my parents growing up so I'm out here learning it all myself on everything. So videos like these really save me. Especially in the future! I know it's a headache trying to make sure you're always doing all this right but man it's so much better knowing I can go go to bed in peace not wondering when the IRS is coming for my assest. The receipt printer alone is a savior. Not including the tax advice and advising getting a CPA.

"They do not want Walmart bags full of receipts"......WELL WHO GIVES A CRAP WHAT THEY WANT ? Those bags full of receipts are as legal as your scanned in version.....why make life easy for the IRS ? You force them to spend hours and hours pouring over records and get nothing in return, and they won't bother you in the future.