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: 4
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: 901
Rep Power: 6
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: 5
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: 4
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: 5
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: 4
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
These are the days on...
ExtremeLawncareServices
03-22-2014 09:12 AM
Yesterday 09:10 PM
by JLM
82 4,780
Mow and leaf cleanup bid
SGL1
07-29-2014 07:28 PM
Yesterday 07:39 PM
by SGL1
15 198
Late charge
Simon Abousaada
Yesterday 07:23 PM
Yesterday 07:23 PM
by Simon Abousaada
0 35
Need input on a bid
phlawncare
07-28-2014 08:51 PM
Yesterday 06:35 PM
by phlawncare
6 185
Building credit
Matther777
07-27-2014 05:20 PM
Yesterday 05:50 PM
by Matther777
11 247
New from Texas
Livingston Lawn Care
07-25-2014 11:17 AM
Yesterday 01:03 PM
by Steve
5 207
Single tree, mow customer
WesleySnips
06-27-2014 10:12 AM
Yesterday 12:31 PM
by Steve
17 735
Formulas Used
BaileynSamsMum
07-29-2014 06:40 AM
Yesterday 12:19 PM
by Steve
3 133
Spreading Weeds?
WesleySnips
07-27-2014 09:46 PM
Yesterday 06:29 AM
by kslawn
5 177
Will summer ever come
ExtremeLawncareServices
07-29-2014 08:27 AM
07-29-2014 08:29 PM
by SGL1
5 134
From Concord NC
SouthernRootsLawnCare
07-26-2014 02:34 PM
07-29-2014 02:28 PM
by Steve
3 135
Have you ever had to...
SouthernRootsLawnCare
07-26-2014 02:41 PM
07-29-2014 02:28 PM
by Steve
4 193
Echo Edger 'Neutral'
WesleySnips
07-25-2014 05:28 PM
07-29-2014 02:25 PM
by Steve
4 197
Left handed edging with...
SGL1
07-23-2014 08:59 PM
07-28-2014 07:39 AM
by SGL1
15 377
Echo PE 266 edger
stevef1201
07-01-2014 01:28 PM
07-27-2014 10:14 PM
by WesleySnips
5 384
Texas lawn care company...
Livingston Lawn Care
07-25-2014 11:29 AM
07-27-2014 08:16 AM
by Just for Cuts
7 225
need some help geting...
dalvan0
07-13-2014 09:28 PM
07-26-2014 04:39 PM
by BLC7
7 376
new trailer help
mattthelawnguy
07-11-2014 08:21 PM
07-25-2014 06:31 PM
by mattthelawnguy
13 572
You know it;s gonna be a...
stevef1201
07-25-2014 08:50 AM
07-25-2014 01:34 PM
by Steve
1 139
Customer letters
kslawn
07-23-2014 06:17 AM
07-25-2014 01:20 PM
by Steve
5 263
Got my first lawn job...
SGL1
06-11-2014 09:19 PM
07-24-2014 07:09 PM
by SGL1
29 1,339
Need help determining...
Jbss861
07-20-2014 02:33 PM
07-24-2014 01:11 PM
by Steve
13 448
Should I ?
googus
07-22-2014 04:06 PM
07-24-2014 12:10 PM
by Steve
4 287
My First Apartment...
SSLCtn
05-26-2014 10:17 PM
07-24-2014 06:46 AM
by kslawn
15 971
Crop Rotation Techniques...
eastsidelandcare
07-17-2014 03:47 PM
07-24-2014 06:38 AM
by kslawn
3 267
Selling lawns like...
eastsidelandcare
07-17-2014 03:51 PM
07-24-2014 06:28 AM
by kslawn
3 323
Scag new "Eliminator"......
ExtremeLawncareServices
07-20-2014 10:45 AM
07-23-2014 05:37 PM
by Just for Cuts
9 378
need professional advice...
Fiddlers_green
07-20-2014 07:21 PM
07-23-2014 12:42 PM
by Steve
3 265
new to me box truck
jrayb39667
03-06-2014 10:20 PM
07-23-2014 12:40 PM
by Steve
15 1,489
Lawn Service back in...
LawnCareMan280
07-18-2014 09:00 PM
07-23-2014 11:48 AM
by Steve
4 295
Overspray?
stevef1201
07-21-2014 04:20 PM
07-23-2014 11:39 AM
by Steve
3 205
Hello Everyone! Newbie...
SLKlawn
07-17-2014 06:22 PM
07-22-2014 01:53 PM
by Steve
6 349
Proper height for lawn
rob lederhilger
05-26-2014 08:01 AM
07-21-2014 02:53 PM
by LawnDoctor
9 713
Blade sharpener
Just for Cuts
07-04-2014 12:31 PM
07-21-2014 01:48 PM
by Steve
9 576
What's my business worth?
Chaz
07-16-2014 01:35 PM
07-21-2014 01:45 PM
by Steve
4 361
1.5 Acre Jungle
WesleySnips
07-15-2014 05:57 PM
07-20-2014 11:31 AM
by ExtremeLawncareServices
21 699
Gopher schedule software
Ray
07-18-2014 04:13 PM
07-18-2014 04:13 PM
by Ray
0 256
2006 Chevy fuel pump...
KevinsLawns
07-17-2014 08:39 PM
07-18-2014 11:51 AM
by Steve
1 244
Halfway point of year!
Steve
07-01-2014 12:08 PM
07-18-2014 11:38 AM
by Steve
14 807
I got told to leave and...
gwilson98
06-16-2014 02:07 PM
07-17-2014 11:43 AM
by Steve
16 1,130
Hey guys this is the...
prmenter@gmail.com
07-07-2014 08:23 PM
07-16-2014 08:10 PM
by ExtremeLawncareServices
28 860
Mowing the hills
prmenter@gmail.com
07-08-2014 12:22 PM
07-16-2014 05:00 PM
by Just for Cuts
18 785
Say Hello !!!
Steve
03-19-2007 11:18 AM
07-15-2014 05:38 PM
by icon2000
1,184 321,519
Classified Ad Template...
bcfb
06-05-2013 02:40 AM
07-15-2014 11:16 AM
by Steve
15 3,804
Husqvarna pz 60
CDLAWNCARE
07-06-2014 06:50 PM
07-15-2014 08:53 AM
by kslawn
10 527
Lowballers
Chaz
07-11-2014 03:55 PM
07-14-2014 12:27 PM
by Steve
5 427
My new side job
Sprinkler Buddy
05-10-2014 05:23 AM
07-14-2014 12:15 PM
by Steve
10 882
Illegal spraying
GoGreenerKS
07-04-2014 09:11 AM
07-13-2014 10:36 PM
by GoGreenerKS
10 623
New Mower and Trailer
Chaz
06-25-2014 12:04 PM
07-13-2014 06:25 PM
by SGL1
7 647
What Fertilizer to Use?
acrajchel
04-07-2014 01:56 PM
07-12-2014 07:36 PM
by SGL1
21 1,987
» Popular Tags
4wd advertisement article marketing auger bid butterfly gardens charge christmas lighting christmas light service courtesy call customers decorating escrow estimate exmark ferris first truck fundraiser gopherhaul grass gravely gravely 34" zero turn hills holiday holiday decorating holiday lighting how much to charge introduction john deere quik trac lawn lawn care lawn care business book lawn care business seo lawn care business show lawn care business website lawn care business website seo lawn care website leaf leaf removal lighting managing a lawn care business marketing mow mulch new buisness new mower outdoor environments payment podcast property management company push versus ride redmax reo scag scripts seo snow starting a business starting a lawn care business start up lawn care business steve stihl subcontractor theft toro trailer turfgrass consulting walker winter zero turn
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 04:03 AM.


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

All times are GMT -5. The time now is 04:03 AM.

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