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 > Business > General Business Discussions

General Business Discussions A place to talk about general business discussions.

LLC Owners


General Business Discussions

A place to talk about general business discussions.
Reply
 
Thread Tools Search this Thread
  #11  
Old 02-19-2011, 07:56 AM
zmower zmower is offline
Junior Member
 
Join Date: Jan 2011
Posts: 2
Rep Power: 5
zmower is on a distinguished road
Default

Quote:
Originally Posted by LawnMoore View Post
Does anyone know where to find how much taxes, medicare, and SS should be taken out of the pay?
If you are going to have a profit or tax liability of more than $1,000 you must pay estimated tax on a quarterly basis. http://www.irs.gov/publications/p505...ublink10007325

You actually pay and file the medicare and ss with Schedule SE at the end of the year. http://www.irs.gov/faqs/faq/0,,id=200194,00.html
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


  #12  
Old 02-19-2011, 08:43 AM
jymie's Avatar
jymie jymie is offline
Senior Member
 
Join Date: Aug 2008
Location: Hamburg New York
Posts: 912
Rep Power: 7
jymie is on a distinguished road
Default

Lawn care business tipsLawn Care Business Book
Quote:
Originally Posted by LawnMoore View Post
Does anyone know where to find how much taxes, medicare, and SS should be taken out of the pay?
Try this site to figure how much to withhold from paychecks, seems like it will work for employees.

http://www.bankrate.com/calculators/...tor-taxes.aspx
Reply With Quote
  #13  
Old 02-19-2011, 10:50 AM
Paineless Creations's Avatar
Paineless Creations Paineless Creations is offline
Senior Member
 
Join Date: Jan 2010
Location: West Richland, WA
Posts: 205
Rep Power: 6
Paineless Creations is on a distinguished road
Default

Last year I bought all my equipment with any profit from the business. This year I would like to show the reason why I do this (money), trust me I am having a blast with this business and love what I do. But if some day I plan to take this full time and quit my regular job I would like to figure out how to make some money. I do understand end of the year taxes and it’s all attached to me. But I can’t turn to the wife and say “well we get some at the end of the year”. I’m trying to figure out what to do legally. Granted the money will be in my business bank account which I own. But just to do a withdrawal once in a while is kinda weird and I never know what to punch into QuickBooks.
So then… let me rephrase the question. Fast forward two years. Let’s say I have no regular job and I am out everyday mowing lawns and my house payment is due. My business bank account has about $10,000. I have built that amount after 2 years and I am showing a profit in my QuickBooks of about $2,000 a month after expenses and my business bank account is growing… it is in the middle of July. Not doing taxes any time soon. Should I be on the payroll as an employee? Some of you say take a small salary. Is that how you pay your bills if you’re doing this full time?
Thanks for all the answers-everyone's unique take on this helps me as I figure out how to grow my business!
Reply With Quote
  #14  
Old 02-19-2011, 11:49 AM
jvholt jvholt is offline
Junior Member
 
Join Date: Sep 2010
Location: Texas
Posts: 6
Rep Power: 5
jvholt is on a distinguished road
Default

Quote:
Originally Posted by Paineless Creations View Post
. Should I be on the payroll as an employee? Some of you say take a small salary. Is that how you pay your bills if you’re doing this full time?
Thanks for all the answers-everyone's unique take on this helps me as I figure out how to grow my business!
Yes, I pay my personal bills with my salary just like I have a job. House payment, wifes car, groceries, elecrtic, TV, child care, wifes phone....My business is completely separated from personal.
As far as payroll deductions I use Peach Tree accounting software it figures them for me when I do payroll. Then I pay Uncle Sam once a month on the EFTPS website and file Form 941 every quarter.

Last edited by jvholt; 02-19-2011 at 11:56 AM.
Reply With Quote
  #15  
Old 02-19-2011, 07:03 PM
FloridaBoy's Avatar
FloridaBoy FloridaBoy is offline
FloridaBoy
 
Join Date: Jun 2009
Age: 40
Posts: 154
Rep Power: 6
FloridaBoy is on a distinguished road
Default

To be legal and be a "real" business, treat it like one.
Even though you are the owner of the company there is a worker....YOU.
You are the employee. Just like any other business they pay there employees by the hour or salary.

If you have not done so, do a personal budget,( mortgage, utilities, groceries, credit debt, play money, etc.) Totall that up to see what you need to cover your bills, divide by 4 and pay your self that amount every week.

If you have an accountant, ask them to give you the numbers you need to figure out what has to be set asside for SSWT, MWT, & FWT.

Keep in mind, your business and you (personally, the employee) share the responsability of the SSWT and MWT, meaning business pays half (write off) and you pay half.

I will go see if i can find the numbers that i have for my figures (keep in mind im in Florida and have no state tax) and post them up here with an example.

Hope this helps, Happy Tax Law Learning, haha
__________________
Welcome Advise, Incourage comments, and never stop Cutting. Geoff<img src="http://www.gopherforum.com/attachment.php?attachmentid=1595&d=1253928284">
Reply With Quote
  #16  
Old 02-20-2011, 11:54 AM
AttractiveLandscape's Avatar
AttractiveLandscape AttractiveLandscape is offline
Junior Member
 
Join Date: Oct 2009
Location: PA
Posts: 27
Rep Power: 6
AttractiveLandscape is on a distinguished road
Default

You should always pay yourself. That being said, if you run your business out of your home you can have the business pay a percentage of your mortgage and utilities and then you pay the rest out of your pocket as you would normally. You mentioned Quickbooks... it has an area for employees to be setup and also payroll capabilities. I believe it is like $325/yr for unlimited employees and it automatically downloads your tax tables for your area. QuickBooks is a powerful and great software that will be your biggest friend, take some time to play with it and view some tutorials... you will find that it's many features are more than capable of carrying you through anything. Don't forget that the Gopher Software integrates with it as well
Reply With Quote
  #17  
Old 02-27-2011, 08:52 PM
gogreenlc gogreenlc is offline
Member
 
Join Date: Jan 2011
Location: Birmingham, Al
Posts: 40
Rep Power: 5
gogreenlc is on a distinguished road
Default

My LLC cost me $152.00 and i did it myself. I googled Secetary of State of Alabama and it had the links i needed to go to print off the application. Then i took it to our county courthouse an paid for it.. $100 went to Secretary of State and the $52.00 went to the County corthouse. Thtey stamped the application and i got my LLC. Bye passed all those other charge that lawyer charge. So, google Secretary of State of your state and it may workout the same way mines did.
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
How to pay the owners aference1 Starting a lawn care business. 13 03-01-2010 10:53 AM
deadbeat owners tuscangardens General Talk 8 07-02-2009 03:54 AM
The owners of J&M Lawn Care Steve Show Off - Picture Post - Photo Gallery 0 10-11-2007 10:11 AM
Tips for new business owners Steve General Business Discussions 3 07-17-2007 06:50 PM
Contacting new home owners? Steve General Business Discussions 0 03-19-2007 08:56 PM

» Recent Threads
  RatingTitle, Username, & Date Last Post Replies Views
Ferris FW35 questions
Chilehead
03-10-2015 08:31 PM
Today 03:14 PM
by Dan Tanner
5 380
bidding a cemetery....
NPM_LLC
Today 10:56 AM
Today 12:43 PM
by jrs.landscaping
3 58
First big mower decision?
SGL1
Today 08:58 AM
Today 08:58 AM
by SGL1
0 44
Employee job training...
brookline
12-15-2014 07:15 PM
Today 08:43 AM
by biglee
28 2,389
Mower vs lot size advice
jcurr33
03-25-2015 09:29 PM
Today 08:37 AM
by Dan Tanner
5 177
Billing methods
jcurr33
03-26-2015 01:33 PM
Today 08:29 AM
by biglee
5 148
Finally got a warehouse
avetslawncare
03-12-2015 07:52 PM
Today 08:25 AM
by SGL1
11 525
Trepidation about...
michellemarvin
03-23-2015 07:46 PM
Today 05:35 AM
by Dan Tanner
2 153
How do you get...
ESREVER
03-25-2015 01:30 PM
Today 12:18 AM
by lxarth
7 191
Bid for large home...
lxarth
03-22-2015 11:06 AM
Yesterday 11:56 PM
by lxarth
8 298
I lost a long term...
Sprinkler Buddy
09-04-2011 02:24 PM
Yesterday 11:42 PM
by lxarth
15 3,429
hoa bid need help
bigdaveha12
03-24-2015 08:29 PM
Yesterday 11:17 PM
by lxarth
6 219
introducing myself
chris2500hd
03-24-2015 11:16 AM
Yesterday 02:02 PM
by Steve
8 226
Commercial Jobs
CurbAppeal1
03-25-2015 04:22 PM
Yesterday 12:29 PM
by biglee
5 186
Flag or no flag
Matther777
03-24-2015 02:41 PM
Yesterday 12:25 PM
by biglee
10 338
Office Administration...
Girlfriend
03-26-2015 05:40 PM
03-26-2015 05:40 PM
by Girlfriend
0 73
Is this tree beyond help?
SGL1
03-22-2015 05:35 PM
03-25-2015 08:55 PM
by SGL1
14 489
Opinions on truck wrap
Trupro
02-28-2015 03:21 PM
03-25-2015 07:54 PM
by Trupro
33 1,560
The New Wave!!!! Read...
Jamesw86
03-22-2015 08:33 PM
03-25-2015 02:50 PM
by Steve
10 312
grass in the gas tank
robkattankate
03-23-2015 04:37 PM
03-25-2015 02:36 PM
by Steve
5 188
Helping others
hansenslawncare
09-15-2011 08:50 PM
03-25-2015 02:33 PM
by Steve
11 2,656
DOT Number
acrajchel
03-20-2015 05:56 PM
03-25-2015 02:28 PM
by Steve
7 316
Michelin x tweel.
apmAkron
03-23-2015 04:22 PM
03-24-2015 12:40 PM
by Steve
3 141
spike aerator???
Bradcook21
03-21-2015 01:55 PM
03-24-2015 10:32 AM
by acrajchel
4 221
Hello from Maryland
michellemarvin
03-23-2015 12:44 PM
03-23-2015 07:33 PM
by michellemarvin
2 134
hello from south GA.
CCandALawnCare
03-23-2015 03:46 AM
03-23-2015 07:06 PM
by CCandALawnCare
2 130
Say Hello !!!
Steve
03-19-2007 11:18 AM
03-23-2015 06:14 PM
by jethro
1,218 380,101
Is anyone doing mosquito...
BWild
01-27-2015 11:30 AM
03-23-2015 12:28 PM
by Steve
9 836
35,000 Eddm
greenscaper123
03-18-2015 12:51 PM
03-23-2015 11:48 AM
by BLC7
18 475
Should i take on this...
christw
03-17-2013 01:23 PM
03-22-2015 09:02 PM
by ExtremeLawncareServices
36 7,569
mower stalls when...
boog
03-19-2015 08:20 AM
03-21-2015 08:13 PM
by Wolf4dk
7 266
Weed and Feed
robkattankate
03-19-2015 09:00 PM
03-21-2015 01:53 PM
by Bradcook21
4 312
These are the days on...
ExtremeLawncareServices
01-11-2015 10:41 AM
03-20-2015 10:00 PM
by ExtremeLawncareServices
32 3,617
Hello Emily Reyes from...
Webster14829
03-20-2015 11:23 AM
03-20-2015 03:36 PM
by Steve
2 183
Finally going to give it...
jcurr33
03-12-2015 08:09 PM
03-20-2015 03:31 PM
by Steve
10 554
Weed id?
SGL1
03-17-2015 08:20 PM
03-20-2015 02:37 PM
by Steve
6 288
Mobile small engine...
luckylogger
03-15-2015 02:05 PM
03-20-2015 06:17 AM
by jrs.landscaping
15 487
Brad Cook 21
SC93
03-16-2015 10:40 PM
03-19-2015 09:04 PM
by Bradcook21
4 358
honest opinion please
uppercut
02-17-2015 01:30 AM
03-18-2015 02:55 PM
by Steve
15 1,323
Repair or replace the...
lxarth
12-17-2014 04:07 PM
03-18-2015 02:49 PM
by Just for Cuts
21 2,031
new to the site
bigdaveha12
03-17-2015 09:13 PM
03-18-2015 02:33 PM
by Steve
1 212
Small dovetail truck...
ExtremeLawncareServices
03-04-2015 06:47 PM
03-17-2015 10:14 PM
by ExtremeLawncareServices
17 865
New Site Hows it look
Infinitelawn
03-16-2015 10:32 AM
03-17-2015 08:15 PM
by SGL1
3 287
mulch questions
Bradcook21
03-08-2015 08:37 AM
03-17-2015 07:00 PM
by Bradcook21
23 1,004
Scag hydro w/b frame...
Just for Cuts
03-11-2015 03:32 PM
03-17-2015 06:37 PM
by lxarth
11 503
Buy new or used?
lxarth
12-26-2014 09:50 PM
03-17-2015 06:11 PM
by lxarth
14 1,715
New to 2015
Infinitelawn
03-16-2015 08:29 AM
03-17-2015 11:47 AM
by Steve
4 295
Pulling trailer was...
SGL1
03-07-2015 07:14 PM
03-17-2015 08:11 AM
by SGL1
30 1,144
Diesel conversion?
Just for Cuts
03-02-2015 09:59 AM
03-16-2015 03:26 PM
by Just for Cuts
10 644
trimmer racks.
apmAkron
03-12-2015 09:07 AM
03-16-2015 03:17 PM
by Steve
4 364
» Popular Tags
ad landscaping aerocore apartment bid apartment complex auger bark billy goat brushcutter blades bush collections deliquentaccounts design ditches employee problems equipment rental estimate ferris flyers foreman free advertising google grass growing a lawn care business hills hiring husqvarna introduction john deere quik trac landscape services landscaping training lawn lawn care lawn care business seo lawn care business website lawn care business website seo lawn care seo lawn care website lawn care website seo lawn mowing marketing marketing secrets mr dave mulch new business per hour charge per hour service pricing pto push versus ride running a business secrets to landscaping sell the vision seo shell small engine repair square foot starting a lawn care business steep lawns sulky theft toro grand stand trailer tree trimmer rack up sell employee walk behind web design website website design winterization
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 10:55 PM.


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

All times are GMT -5. The time now is 10:55 PM.

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