I have a new Property Management and Property Maintenance businesses. My question is in the way of keeping reciepts and what benefit they will give me.
The Property Management Company I am (1099 employee). The Property Maintenance is LLC of mine.
How long should I keep the reciepts for?
How do the wright-offs work? (Can someone put some fictious figures on how the numbers work)
Is there a difference in the wright-offs between these two companies, one where I am a 1099 employee and the other where it is my own LLC?
talk to a cpa - have them do you taxes.
yes keep your reciepts - you should really keep your bank statements and put your receipts with them - track everything.
yes there is a difference between 1099 in one company and LLC taxation. you’ll get a Schedule K-1 for yourself/partners from LLC and LLC will file a 1065.
it’s write offs or deductions - not Wright offs just to clarify :biggrin
deductions include a bunch of different things like:
items like tools or computers, equipment and such is depreciated over time and this can be claimed in different ways, depending on how your CPA DOES YOU TAXES.
i bolded that for a reason. don’t waste your time trying to figure out the details of how to do your taxes. get familiar, very familiar with how taxes and deductions work overall - then let a competent CPA handle the rest.