Gas reciepts and Voodoo Tax Notes

[GCCLee]

Guys n Gals,


Fuel is our Number #1 Expense hands down, so we are trying to milk all we can outta what we got.

Currently I have started to pay A LOT more attention to these details and gotta ask......

How do you all or your techs handle gas receipts?
Do you write the mileage, machine hours and notes on the ticket so you can make memos upon data entry for accounting records?


I have been writing the Mileage and TM Operating Fuel on them, I think I need to log the hours too!

 

[Chris A]

I dont ever get gas receipts, I just total all the fuel on my credit card statement every month and put it in as fuel

 

[rwcarpet]

I record every fill up, with milage and TM hours. When I record it out, I use the hours on that particular fillup x 2.5 hours (amount TM uses per hour) x price per gallon for TM use. The rest is used for truck expense. Consistant records every year for the Gman, in case he wants to audit.

I don't record daily milage, since I use the van exclusively for the cleaning business. I just record the total miles for the year.

 

[GCCLee]

I dont ever get gas receipts, I just total all the fuel on my credit card statement every month and put it in as fuel

I have become a Receipt Whore!

Wrote off the Wand ya sent me : ) Wasnt easy an she fought me. so far my only win with the Devil Woman!



To us, our Rig is 100% business and EVERYTHING that is purchased for it is documented and logged as just that.

Now yur tellin me to break it down to the exact pennies for each expense ?




Cripes Man, Do I look like a I Pad or sumthin?
What if I say No? : )

 

[Chris A]

Is the devil woman you're accountant or wife, or both?

 

[clean image]

we have a cc just for fuel

also you may want to look at GPS tracking for
mileage, for day, week, month
also can track where truck is at all time
you can see how much time in a given week is sitting in the truck, may surprise you how much winshield time

 

[GCCLee]

Is the devil woman you're accountant or wife, or both?

Uh,

Mentor : )


Sent from da parking garage of dee detention center

 

[GCCLee]

we have a cc just for fuel

also you may want to look at GPS tracking for
mileage, for day, week, month
also can track where truck is at all time
you can see how much time in a given week is sitting in the truck, may surprise you how much winshield time

Why in the world would I wanna track myself?


Oh Lord : )

Do you write on your CC receipts when your done fueling?

If so, what notes do you write for yourself on those receipts ?


I dont credit anything! If the money isnt there. We do without.


Sent from da parking garage of dee detention center

 

[Lee Stockwell]

I enter gas purchases, milage and hours in the schedule book.

 

[bob vawter]

look here Boo.....how long you been in bidness.......
go wit the old two shoebox system at first.............

 

[J Scott W]

Fuel that is used for the truckmount (not your vehicle) probably qualifies for a federal tax rebate. Be sure you claim this as a credit against taxes due or as a refund. 18.3 cents per gallon of gasoline, about 25 cents for diesel.

Form 4136

 

[Russ T.]

Expensify is a worthy app for iPhone. Check it out. I HATE RECIEPTS!


The Clean Machine

 

[Mark Saiger]

You should really consider using QuickBooks (or at least something of that nature)

We do everything in QuickBooks and can track most everything there. We put our gas on a credit card that pays us back (with a lot of money)

You have to be disciplined enough to pay off the card each month, but it is also another great way to help validate and track expenses.

Once you get QuickBooks set up, you will really be happy how easy it is (and how much money it can save you)

We still keep receipts in files, but QuickBooks can help you to know where to find a receipt when needed.

We send our QuickBooks out to our accountant for the 1st and 15th to do our payroll and pay federal taxes and other items we don't want to do.

Works great!

 

[GCCLee]

Fuel that is used for the truckmount (not your vehicle) probably qualifies for a federal tax rebate. Be sure you claim this as a credit against taxes due or as a refund. 18.3 cents per gallon of gasoline, about 25 cents for diesel.

Form 4136

That's the ticket!


Dang I Love this place : )


Was just getting ready to add that out of my last 5 fueling's once the hour meter hadn't moved.
Figured the Witch Woman would shake her broom at me ; )

However I did run some inspections and attend a few marketing for potential new client meetings : )

Couple corn dawgs n such!


Sent from da parking garage of dee detention center

 

[Mike Draper]

I break up my travel fuel cost VS. My machine fuel cost. My accountant fixes it all up at the end of the year. There is a difference in write offs for each fuel consumed.

 

[GCCLee]

I break up my travel fuel cost VS. My machine fuel cost. My accountant fixes it all up at the end of the year. There is a difference in write offs for each fuel consumed.

Thanks Mike and everyone else !

Kinda suspected that we was heading in his direction. Our goal is to Maximize on ALL of the deductions humanly possible.
Uncle Sam bends us over so why shouldnt we return the favor by utilizing all that we can on our returns.

These are the details that keeps your business alive people.

Theres more to it than mixin some juice and pullin a Suk Mop huh !





Sent from da parking garage of dee detention center

 

[Russ T.]

Chis, get a good accountant! This can't be over stressed. DO NOT go to HR Block or Jackson Hewitt or something. Begin developing a solid business relationship with a CPA you can trust. You will rely on him more and more for advice as time goes on.
It's great to come on here and get advice and tips to run by the accountant but they should be your main source, rather than us jokers.

As in carpet cleaning, you often get what you pay for. Ask friends/family (preferably wealthy ones) who they use. Go there and pay them. It will be well worth it to you and your fam in the long run. They will stand between you and "the man" as you grow.


The Clean Machine

 

[GCCLee]

Chis, get a good accountant! This can't be over stressed. DO NOT go to HR Block or Jackson Hewitt or something. Begin developing a solid business relationship with a CPA you can trust. You will rely on him more and more for advice as time goes on.
It's great to come on here and get advice and tips to run by the accountant but they should be your main source, rather than us jokers.

As in carpet cleaning, you often get what you pay for. Ask friends/family (preferably wealthy ones) who they use. Go there and pay them. It will be well worth it to you and your fam in the long run. They will stand between you and "the man" as you grow.


The Clean Machine

I have!

Same one that handles Mamaw's Antique Store, she is teaching us how to do them.


She has no idea what the hell a TM is so I gotta teach her about all of this too ; )

Its all in the details!


How much money would you save if you knew how to do it?



Sent from da parking garage of dee detention center

 

[Russ T.]

Glad to hear. Sounds like you're on it. Your CPA doesn't need to know anything about your Truckmount (except financials obviously). If they are good, they will ask probing questions that will help you keep your hard earned money.

I suppose you could save all the $ you lay them if you did it yourself. That's making a couple assumptions though. Could you do everything they do? Are you willing to stay up on changing, and sometimes vague and complicated tax codes? Maybe so. I'm not. Do what you do best man. Clean carpet, keep that rig in great shape, market yourself and your biz. IMO your time would be better spent ($$$$$) focusing on those things rather than tax codes. We are all different though and maybe you could and would enjoy the tax end of things. Remember your time and effort are worth something. IMO my accountant is well worth what I pay them.


The Clean Machine

 

[WillS]

We use the receipts to keep track of gas. Guess we could go monthly into the account and add up Gas, but receipts are there for backup. On the Iphone, the maps directions allows us to track miles travelled to each job everyday, etc.

 

[GCCLee]

We use the receipts to keep track of gas. Guess we could go monthly into the account and add up Gas, but receipts are there for backup. On the Iphone, the maps directions allows us to track miles travelled to each job everyday, etc.

Oh good Lord!

Thats an awesome idea about tracking milage via GPS maps.

Aint no way I am backtracking to I'll apply this, but now is as good as any of a time to starts so : )


Thank Ya Mister!



Sent from da parking garage of dee detention center

 

[bob vawter]

an' don forget....when you get an audit......
take two LARGE black garbage bags...one wit the invoices and the other wit receipts...

now the whole secret is how you drop them on the auditors desk.......

 

[WillS]

Thanks to IRS budget cuts, less auditing, no time for us small carpet cleaners. I've finally gotten caught up on filing all receipts by quarter. You know when your just exhausted and don't want to do anything after a long week, so I'm trying now to put them in weekly. lol