Lawn Care Business Forum Lawn Care Business Book Lawn Care Business Blog Lawn Care Software
Home Forum Contract & Flyer Templates Blog Software Videos Podcast Calculators / Estimators Store Mower Review Design It Yourself Lawn Business School

Go Back   GopherHaul Landscaping & Lawn Care Business Marketing Forum > Just starting your lawn care or landscaping business? > Starting a lawn care business.

Starting a lawn care business. How to start a lawn mowing business, lawn care business, or landscaping business. If you are starting a lawn care business, ask your questions here.

Taxes


Starting a lawn care business.

How to start a lawn mowing business, lawn care business, or landscaping business. If you are starting a lawn care business, ask your questions here.
Reply
 
Thread Tools Search this Thread
  #1  
Old 06-01-2011, 11:28 PM
bmroyer bmroyer is offline
Junior Member
 
Join Date: Feb 2009
Posts: 3
Rep Power: 6
bmroyer is on a distinguished road
Default Taxes

I plan on going legit next season with a friend of mine, regestering an LCC name, getting insurance, and I need to know how taxes work, how much to put aside from each job, and how often you pay them. I've already slip the money per job to put some money to the company, overhead, fuel for truck and equipment, and of course the "paycheck" or take home pay. I really don't want to split the paycheck too much. Its not going to be no 30% is it?
Reply With Quote

Stop guess-timating. Learn how to estimate and make money! $$$
Mow Time Estimator Lawn Care Price Estimator Mulch and Topsoil Calculator Snow Plow Estimate Calculator


  #2  
Old 06-02-2011, 12:31 AM
The Cleaning Doctor's Avatar
The Cleaning Doctor The Cleaning Doctor is offline
Senior Member
 
Join Date: Nov 2009
Location: Helena, MT
Posts: 927
Rep Power: 5
The Cleaning Doctor is on a distinguished road
Default

Lawn care business tipsLawn Care Business Book
You really need to talk to an accountant so that you get the correct information.
__________________
Pat
Reply With Quote
  #3  
Old 06-02-2011, 12:55 AM
bmroyer bmroyer is offline
Junior Member
 
Join Date: Feb 2009
Posts: 3
Rep Power: 6
bmroyer is on a distinguished road
Default

how much is one of them and how long will I need them for?
Reply With Quote
  #4  
Old 06-02-2011, 07:57 AM
Steve's Avatar
Steve Steve is online now
Administrator
 
Join Date: May 2003
Posts: 36,187
Rep Power: 10
Steve has disabled reputation
Default

Here is a rough idea. Remember, I am not an accountant.

After expenses, you have to look at your federal tax bracket.

If you make:

$0 to $8,500 you will owe:_____10% of taxable income
$8,500 $34,500 _____$850 plus 15% of excess over $8,500
$34,500 $83,600 _____$4,750 plus 25% of excess over $34,500
$83,600 $174,400 _____$17,025 plus 28% of excess over $83,600
$174,400 $379,150 _____$42,449 plus 33% of excess over $174,400
$379,150+ _____$110,016.50 plus 35% of excess over $379,150

Then you have to figure 15.3% of your net earnings for self employment tax.

Then you have to find if your state has an income tax.

Usually you have to send in your taxes quarterly based on your projected income for that year.

Does this help?
__________________
- Subscribe to my Lawn Care Marketing Blog Feed and get daily tips sent to you. Free!
Download your Free trial of Gopher Lawn Care Software.
Reply With Quote
  #5  
Old 06-03-2011, 10:40 PM
bmroyer bmroyer is offline
Junior Member
 
Join Date: Feb 2009
Posts: 3
Rep Power: 6
bmroyer is on a distinguished road
Default

I'm from Pennsylvania, not sure if they have a tax. So you are saying pretty much I need to save 30% of my income to pay for the taxes. Is that income my take home, like I have it worked out as the following.

I only have 2 jobs so far this year, so maybe I should wait till I get more business before I start paying for insurance, and I prolly don't make enough to pay taxes yet anyways.

Quote:
Lawn Care Business Money Plan
Date: 5/21/2011
by: Brandon M. Royer

****************
Company: 15%
Fuel: 10%
Overhead:5%
Truck Fuel: 20%
Paycheck: 50%
****************
$30:
Company: $4.50
Fuel: $3.00
Overhead: $1.50
Truck Fuel:$6.00
Paycheck: $15.00
****************
$40:
Company:$6.00
Fuel:$4.00
Overhead:$2.00
Truck Fuel:$8.00
Paycheck: $20.00
****************
$50:
Company:$7.50
Fuel:$5.00
Overhead:$2.50
Truck Fuel:$10.00
Paycheck:$25.00
****************
$60:
Company:$9.00
Fuel:$6.00
Overhead:$3.00
Truck Fuel:$12.00
Paycheck:$30.00
****************-
$70:
Company:$10.50
Fuel:$7.00
Overhead:$3.50
Truck Fuel:$14.00
Paycheck:$35.00
****************-
$80:
Company:$12.00
Fuel:$8.00
Overhead:$4.00
Truck Fuel:$16.00
Paycheck:$40.00
****************-
$90:
Company:$13.50
Fuel:$9.00
Overhead:$4.50
Truck Fuel:$18.00
Paycheck:$45.00
****************-
$100:
Company:$15.00
Fuel:$10.00
Overhead:$5.00
Truck Fuel:$20.00
Paycheck:$50.00
Reply With Quote
  #6  
Old 06-04-2011, 05:20 PM
Tom53 Tom53 is offline
new member
 
Join Date: Apr 2011
Location: Northwest Iowa
Posts: 57
Rep Power: 0
Tom53 is on a distinguished road
Default

I hold out 35% right from the top. That "should" cover the following where I live. 1.Federal Income Tax. 2. Social Security Tax. 3. State Income Tax.

After that is when you start to worry about overhead, such as liability insurance, vehicle fuel, mower and other equipment fuel and oil, filters, belts, tires, or whatever else you happen to wear out like engines, blades, cables, etc. That just comes out of my pocket, but I religiously keep receipts, and track vehicle mileage and any other expenses, because they are tax write offs.

I keep what ever is left after that, which in my case varies, as I dont have a set number of clients, and do other work not related to this business. I work as an independent contractor in a different line of work for several (at least 8 to 10) other companies right now, and am gaining new client companies every week. So much other work is starting to come in, I may have to give up all but my very best lawn care customers. My biggest tax expense at the end of the year is paying the accountant because I have so many W-9's for him to process. With all the write offs I havent had to pay any taxes for several years. And I thank my accountant for his advice because that is what I use to avoid taxes. I happily pay him his fee. Which is what I use that 35% for and I usually have a bunch left over, but better to put it aside and not need it, than to need it and not have it. I never have and never will cheat on my taxes, but I do use deductions to every advantage.

Keep your equipment well maintained, and dont abuse it, and that helps a lot.
But as has already been said, you NEED to consult an accountant to find out what is needed in your particular situation. Your situation is just that > YOURS, and it is NOT like anyone elses situation.


Simple answer to your ? about "its not going to be like 30% is it?"

YES you had better plan on 30% until your accountant advises otherwise.
Reply With Quote
  #7  
Old 06-06-2011, 05:29 AM
Steve's Avatar
Steve Steve is online now
Administrator
 
Join Date: May 2003
Posts: 36,187
Rep Power: 10
Steve has disabled reputation
Default

It's stuff like this that makes you want to pull the hair out of your head and makes you realize how unfriendly our government can be to business owners who's existence is the backbone of our nation.
__________________
- Subscribe to my Lawn Care Marketing Blog Feed and get daily tips sent to you. Free!
Download your Free trial of Gopher Lawn Care Software.
Reply With Quote
Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Taxes Steve General Business Discussions 9 04-26-2010 04:15 PM
Anyone doing taxes? swstout General Business Discussions 1 02-20-2009 03:55 PM
Taxes All Aspects Landscaping General Talk 2 04-13-2008 10:27 AM
Taxes tiedeman General Business Discussions 6 01-08-2007 04:56 PM
Taxes Gopher Software Support Archived Question & Answers - Read Only 1 04-30-2006 01:32 AM

» Recent Threads
  RatingTitle, Username, & Date Last Post Replies Views
These are the days on...
ExtremeLawncareServices
03-22-2014 09:12 AM
Yesterday 10:12 PM
by ExtremeLawncareServices
77 4,370
new trailer help
mattthelawnguy
07-11-2014 08:21 PM
Yesterday 07:17 PM
by SGL1
11 363
Got my first lawn job...
SGL1
06-11-2014 09:19 PM
Yesterday 07:09 PM
by SGL1
29 1,167
Left handed edging with...
SGL1
07-23-2014 08:59 PM
Yesterday 07:05 PM
by SGL1
4 106
Need help determining...
Jbss861
07-20-2014 02:33 PM
Yesterday 01:11 PM
by Steve
13 311
Customer letters
kslawn
07-23-2014 06:17 AM
Yesterday 12:19 PM
by Steve
3 109
Should I ?
googus
07-22-2014 04:06 PM
Yesterday 12:10 PM
by Steve
4 154
My First Apartment...
SSLCtn
05-26-2014 10:17 PM
Yesterday 06:46 AM
by kslawn
15 857
Crop Rotation Techniques...
eastsidelandcare
07-17-2014 03:47 PM
Yesterday 06:38 AM
by kslawn
3 175
Selling lawns like...
eastsidelandcare
07-17-2014 03:51 PM
Yesterday 06:28 AM
by kslawn
3 212
Scag new "Eliminator"......
ExtremeLawncareServices
07-20-2014 10:45 AM
07-23-2014 05:37 PM
by Just for Cuts
9 243
need professional advice...
Fiddlers_green
07-20-2014 07:21 PM
07-23-2014 12:42 PM
by Steve
3 160
new to me box truck
jrayb39667
03-06-2014 10:20 PM
07-23-2014 12:40 PM
by Steve
15 1,343
Lawn Service back in...
LawnCareMan280
07-18-2014 09:00 PM
07-23-2014 11:48 AM
by Steve
4 200
Overspray?
stevef1201
07-21-2014 04:20 PM
07-23-2014 11:39 AM
by Steve
3 104
Hello Everyone! Newbie...
SLKlawn
07-17-2014 06:22 PM
07-22-2014 01:53 PM
by Steve
6 237
Proper height for lawn
rob lederhilger
05-26-2014 08:01 AM
07-21-2014 02:53 PM
by LawnDoctor
9 626
Blade sharpener
Just for Cuts
07-04-2014 12:31 PM
07-21-2014 01:48 PM
by Steve
9 459
What's my business worth?
Chaz
07-16-2014 01:35 PM
07-21-2014 01:45 PM
by Steve
4 241
Single tree, mow customer
WesleySnips
06-27-2014 10:12 AM
07-21-2014 01:04 PM
by Steve
12 516
1.5 Acre Jungle
WesleySnips
07-15-2014 05:57 PM
07-20-2014 11:31 AM
by ExtremeLawncareServices
21 557
Gopher schedule software
Ray
07-18-2014 04:13 PM
07-18-2014 04:13 PM
by Ray
0 133
2006 Chevy fuel pump...
KevinsLawns
07-17-2014 08:39 PM
07-18-2014 11:51 AM
by Steve
1 137
Halfway point of year!
Steve
07-01-2014 12:08 PM
07-18-2014 11:38 AM
by Steve
14 677
I got told to leave and...
gwilson98
06-16-2014 02:07 PM
07-17-2014 11:43 AM
by Steve
16 995
Hey guys this is the...
prmenter@gmail.com
07-07-2014 08:23 PM
07-16-2014 08:10 PM
by ExtremeLawncareServices
28 728
Mowing the hills
prmenter@gmail.com
07-08-2014 12:22 PM
07-16-2014 05:00 PM
by Just for Cuts
18 661
Say Hello !!!
Steve
03-19-2007 11:18 AM
07-15-2014 05:38 PM
by icon2000
1,184 318,876
need some help geting...
dalvan0
07-13-2014 09:28 PM
07-15-2014 11:56 AM
by Steve
5 231
Classified Ad Template...
bcfb
06-05-2013 02:40 AM
07-15-2014 11:16 AM
by Steve
15 3,670
Husqvarna pz 60
CDLAWNCARE
07-06-2014 06:50 PM
07-15-2014 08:53 AM
by kslawn
10 421
Lowballers
Chaz
07-11-2014 03:55 PM
07-14-2014 12:27 PM
by Steve
5 335
My new side job
Sprinkler Buddy
05-10-2014 05:23 AM
07-14-2014 12:15 PM
by Steve
10 805
Illegal spraying
GoGreenerKS
07-04-2014 09:11 AM
07-13-2014 10:36 PM
by GoGreenerKS
10 520
New Mower and Trailer
Chaz
06-25-2014 12:04 PM
07-13-2014 06:25 PM
by SGL1
7 530
What Fertilizer to Use?
acrajchel
04-07-2014 01:56 PM
07-12-2014 07:36 PM
by SGL1
21 1,851
Fuel and fuel additives
SGL1
07-06-2014 10:23 AM
07-11-2014 07:53 PM
by SGL1
15 520
Questions for a patchy...
jumcgee
07-09-2014 08:42 AM
07-11-2014 12:34 PM
by Steve
1 190
toro proline blades wont...
boog
06-25-2014 06:26 PM
07-11-2014 05:28 AM
by kslawn
18 625
Contents of Marketing to...
prmenter@gmail.com
07-09-2014 05:25 PM
07-10-2014 03:23 PM
by Steve
3 282
Shindaiwa
CLB454
05-13-2014 09:04 PM
07-10-2014 03:04 PM
by Steve
14 759
Starting New in FL
mmcuttrim
08-06-2010 09:22 AM
07-10-2014 02:44 PM
by Steve
48 11,232
Bid help 45 on acre...
Priggan
06-26-2014 12:56 PM
07-09-2014 08:38 AM
by kslawn
7 505
need help bidding fence...
veteranslawncaresystems
07-03-2014 10:33 AM
07-08-2014 12:00 PM
by Steve
5 363
Trimmer or Knife?
gwilson98
07-04-2014 09:56 PM
07-07-2014 02:41 PM
by Steve
6 323
Started a New Solar Lawn...
Solar Lawn Care
06-08-2013 01:40 AM
07-07-2014 01:55 PM
by Steve
37 7,402
New Canadian Member
coppervalley
07-04-2014 02:15 PM
07-07-2014 01:12 PM
by Steve
1 226
Happy Independance...
stevef1201
07-04-2014 07:05 AM
07-07-2014 01:01 PM
by Steve
2 224
Echo PE 266 edger
stevef1201
07-01-2014 01:28 PM
07-07-2014 12:47 PM
by Steve
4 303
30 Inch Push Mowers Pros...
Billy Goat
06-27-2013 08:07 PM
07-06-2014 01:50 PM
by SGL1
21 5,218
» Popular Tags
2wd 4x4 ads birdscaping care charge collections subcontractor commercial craigslist customers ecosymbiosis employee problems exmark fall ferris four wheel drive franchise gopherhaul grass gravely holiday honda how much to charge how to bid hydraulic installation invoice kawasaki labor cost late lawn lawn care business seo lawn care business show lawn care business website lawn care business website seo lawn care website lawn service leaf cleanup lesco marketing mowing mulch estimate native plants new buisness office management online classifieds podcast promotion rotating scag scag v-ride season seo sprayer starting a business steep lawns stihl sulky theft of services tips toro tractor auger trailer mate pro truck new used landscape upsell walk behind walker winter money making ideas won't return wright stander rh
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 06:05 AM.


(C) 2011 Riggs Publications - Terms of use & Privacy Policy

All times are GMT -5. The time now is 06:05 AM.

(C) 2011 Riggs Publications - Terms of use & Privacy Policy