Justin Wilson
Ohio State S-Corp Income Taxes
Hello,I was reading up on the requirements to submit tax returns and pay income taxes in Ohio. I've read the CAT is not required if the business has gross receipts under $150k. My rental income is way below that, bu...
Travis Buchanan
Tracking the Money/Expenses
Hi all,I think I got some advice on tracking expenses and such when I started out, such as "never pay in cash, always write a check" etc. I was hoping to get some better defined guidance from the community.1) For the...
Shonari Wynter
Doing a BRRRR! Should I keep receipts of materials?
Hey everyone!So doing my first BRRRR. Project is about a month out from completion so I’ve been thinking about the refinance part of it. The contractor has been giving me final receipts. Meaning they buy the materials...
Adam Craig
How to track Home Depot expenses?
Right now we have 5 rehabs going on and I have 4 business credit cards spread out between different contractors. They all purchase 90% of supplies through Home Depot. Rather then having them save every receipt - is t...
Mary Jay
Only invoices work for tax deductions?
Is it true that if I wanted to write off an expense I have to have an invoice?I’ve always used the receipts that the handymen give me or my bank statements.Someone told me that the irs won’t accept that as a documenta...
Thomas Swindell
How do you guys keep track of your receipts and expenses on flips?
We just closed on our first flip and I have monstrous folder of receipts and invoices. Do you keep everything on an excel spreadsheet? Do you scan the receipts electronically so you don't have a paper folder? I can...
Mong Vang
Earnest money not refunded - First time home buyer, need advice
Hello All,First time home buyer here. I ran a search and couldn't find anything in greater detail about earnest money refunds.My current situation:I am in cancelling a home purchase due to all items on the amendment p...
John Alosio
Best Big Box Store CC
Hello BP community,
I am seeking some advice when it comes to accounting of my DIY shopping habits.
Over the past few years I have been shopping at Home Depot with my personal credit card(2X cash back on all purchas...
Joshua Dorkin
How Do You Scan, Manage and Organize Your Reciepts & Paperwork?
Just curious as to the tools and organization system different people are using to manage their receipts and paperwork. Admittedly, I'm still using old-school methods of organizing actual paper instead of scanning, s...
Brad R.
Do I need to provide receipts: damages$ pulled from deposit
For damage done to a property, do I have to send all receipts for each fix for damage that a tenant does or do I just have provide the category name and total?Example: Tenant runs into garage door. Can I just put ca...