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.

Taxes??!!


General Business Discussions

A place to talk about general business discussions.
Reply
 
Thread Tools Search this Thread
  #1  
Old 01-08-2012, 09:02 PM
HPI_Savage25 HPI_Savage25 is offline
Member
 
Join Date: Nov 2011
Location: Evans, GA
Posts: 55
Rep Power: 4
HPI_Savage25 is on a distinguished road
Default Taxes??!!

Ok so I just got my business license a few months ago, back in september I believe. Anyways I am 18 and live with my parents still and I am going to school full time AND doing a lawn care business. I am trying to figure out what I need to do tax wise for my first year and such. Any insight as I am completely lost!

Thanks for the help!
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 01-08-2012, 09:07 PM
TiedemanLLC TiedemanLLC is offline
Senior Member
 
Join Date: Dec 2011
Posts: 226
Rep Power: 4
TiedemanLLC is on a distinguished road
Default

Lawn care business tipsLawn Care Business Book
Quote:
Originally Posted by HPI_Savage25 View Post
Ok so I just got my business license a few months ago, back in september I believe. Anyways I am 18 and live with my parents still and I am going to school full time AND doing a lawn care business. I am trying to figure out what I need to do tax wise for my first year and such. Any insight as I am completely lost!

Thanks for the help!
You need to setup an appointment with an accountant. Some of the things they can handle for you, while some other things you can handle. Make sure to ask lots of questions such as in regards to service taxes, sales taxes, income tax, what to withhold, what to pay in, etc.
Reply With Quote
  #3  
Old 01-08-2012, 09:08 PM
mark123's Avatar
mark123 mark123 is offline
Senior Member
 
Join Date: Apr 2009
Location: Pennsyltucky
Posts: 1,402
Rep Power: 7
mark123 is on a distinguished road
Default

Take all your income and expense records and receipts to your tax preparer. That's what I do.

End of year I run the tax reports from Quicken Home and Business for expenses and I run the sales tax reports through the year using Gopher. What I paid sales tax on is my income. The tax lady takes it from there.
Reply With Quote
  #4  
Old 01-08-2012, 09:10 PM
HPI_Savage25 HPI_Savage25 is offline
Member
 
Join Date: Nov 2011
Location: Evans, GA
Posts: 55
Rep Power: 4
HPI_Savage25 is on a distinguished road
Default

My mom is an accountant and she files all of our taxes herself but this is the first year that we are dealing with a business. So I need to gather up all the receipts and a report of all my income?
Reply With Quote
  #5  
Old 01-08-2012, 09:12 PM
mark123's Avatar
mark123 mark123 is offline
Senior Member
 
Join Date: Apr 2009
Location: Pennsyltucky
Posts: 1,402
Rep Power: 7
mark123 is on a distinguished road
Default

Quote:
Originally Posted by HPI_Savage25 View Post
My mom is an accountant and she files all of our taxes herself but this is the first year that we are dealing with a business. So I need to gather up all the receipts and a report of all my income?
Yeah, it's best to run a program to track everything or at least keep a ledger book throughout the year. That way you don't get ulcers in your stomach from the stress of trying to find and organize everything.
Reply With Quote
  #6  
Old 01-08-2012, 09:16 PM
HPI_Savage25 HPI_Savage25 is offline
Member
 
Join Date: Nov 2011
Location: Evans, GA
Posts: 55
Rep Power: 4
HPI_Savage25 is on a distinguished road
Default

I keep all my receipts in a folder and in a sheet protector by business name. So all my dump receipts are in one page, all gas in another and so forth.

Ready to get this done with so I don't have to stress over it. I have only had the license for a few months and really haven't done too much work and my expenses is WAAAYYY over income so hopefully I won't have to pay too much
Reply With Quote
  #7  
Old 01-08-2012, 09:24 PM
SECTLANDSCAPING SECTLANDSCAPING is offline
new member
 
Join Date: Jul 2009
Location: CT
Posts: 1,912
Rep Power: 0
SECTLANDSCAPING is on a distinguished road
Default

Quote:
Originally Posted by HPI_Savage25 View Post
I keep all my receipts in a folder and in a sheet protector by business name. So all my dump receipts are in one page, all gas in another and so forth.

Ready to get this done with so I don't have to stress over it. I have only had the license for a few months and really haven't done too much work and my expenses is WAAAYYY over income so hopefully I won't have to pay too much
If your expenses is higher then income you wont pay anything.

The tricky parts are fixed assets and depreciation. Everything else is straightforward.
Reply With Quote
  #8  
Old 01-08-2012, 09:26 PM
mark123's Avatar
mark123 mark123 is offline
Senior Member
 
Join Date: Apr 2009
Location: Pennsyltucky
Posts: 1,402
Rep Power: 7
mark123 is on a distinguished road
Default

Quote:
Originally Posted by SECTLANDSCAPING View Post
If your expenses is higher then income you wont pay anything.

The tricky parts are fixed assets and depreciation. Everything else is straightforward.
Yeah, it takes a few years before you pay taxes. My first and second years I fretted over sending in quarterly estimated taxes because I barely had enough to send but they kept it until I had my taxes prepared and they sent it all back. Well, the federalis did, the state kept it all.

Last edited by mark123; 01-08-2012 at 09:29 PM.
Reply With Quote
  #9  
Old 01-08-2012, 09:37 PM
SECTLANDSCAPING SECTLANDSCAPING is offline
new member
 
Join Date: Jul 2009
Location: CT
Posts: 1,912
Rep Power: 0
SECTLANDSCAPING is on a distinguished road
Default

The first year I listened to quickbooks. QB told me anything permanent was a fixed asset. Then the accountant told me not to count anything under $500 as a fixed asset. The majority of my equipment is under $500.

I was thinking of setting up a IRA this year. I dont feel like giving the feds that much money to piss away in foreign investments. Do you know much about this?
Reply With Quote
  #10  
Old 01-08-2012, 09:56 PM
mark123's Avatar
mark123 mark123 is offline
Senior Member
 
Join Date: Apr 2009
Location: Pennsyltucky
Posts: 1,402
Rep Power: 7
mark123 is on a distinguished road
Default

Quote:
Originally Posted by SECTLANDSCAPING View Post
... I was thinking of setting up a IRA this year. I dont feel like giving the feds that much money to piss away in foreign investments. Do you know much about this?
I've had an IRA for about 10 years now. I usually intend to run my numbers past my tax lady at the end of the year to see if I should dump some extra cash into it but she disappears between April 15th and January 15th. I'm switching to another accountant after after this time.

Basically, what you put into the IRA is tax deferred. You don't pay tax on it as it grows so the profit is rolled back in and it also gains interest. You pay tax on it when you take it out after retirement age. You take a huge hit if you want the money before that though so make sure you're not going to touch it until you retire.

Last edited by mark123; 01-08-2012 at 09:58 PM.
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 bmroyer Starting a lawn care business. 6 06-06-2011 06:29 AM
Taxes Steve General Business Discussions 9 04-26-2010 05:15 PM
Taxes All Aspects Landscaping General Talk 2 04-13-2008 11:27 AM
Taxes tiedeman General Business Discussions 6 01-08-2007 05:56 PM
Taxes Gopher Software Support Archived Question & Answers - Read Only 1 04-30-2006 02:32 AM

» Recent Threads
  RatingTitle, Username, & Date Last Post Replies Views
price for snow clearing?
Bradcook21
Yesterday 09:11 PM
Today 04:01 PM
by Bradcook21
3 83
Blade sharpener
Just for Cuts
07-04-2014 01:31 PM
Today 03:43 PM
by Mr. Mow
15 1,650
Facebook
element009
03-23-2011 09:36 AM
Today 03:17 PM
by jrs.landscaping
48 11,644
viking cyclon.
uppercut
01-29-2015 09:12 PM
Today 02:54 PM
by Steve
5 465
Ugliest lawn contest
Steve
02-23-2015 04:17 PM
Today 02:51 PM
by Steve
2 207
Start LIKING FACEBOOK...
rlclawncare123
Today 01:06 AM
Today 02:41 PM
by Steve
1 56
stubbon people
Bradcook21
02-16-2015 04:25 PM
Today 02:35 PM
by Steve
31 1,027
Another website update
Chilehead
Today 11:24 AM
Today 12:46 PM
by Just for Cuts
3 64
rock salt
Bradcook21
02-24-2015 11:17 AM
Today 12:31 PM
by jrs.landscaping
11 278
tips on creating a...
BLAZIER-1991
01-08-2015 07:22 PM
Today 02:44 AM
by ExtremeLawncareServices
5 668
New Lawn Care Service...
rlclawncare123
Today 12:49 AM
Today 02:24 AM
by ExtremeLawncareServices
1 60
Finally!
SGL1
02-22-2015 09:46 PM
Yesterday 10:15 PM
by SGL1
13 392
leaf removal.. mulching...
facework84
08-05-2011 03:26 PM
Yesterday 08:07 PM
by Steve
5 2,731
How many customers?
SC93
Yesterday 12:40 AM
Yesterday 04:59 PM
by SC93
5 166
Irrigation...
charlieallen
02-24-2015 01:16 PM
Yesterday 02:58 PM
by Steve
6 175
use a small business...
BLAZIER-1991
12-25-2014 12:21 AM
Yesterday 12:46 AM
by SC93
33 2,716
I'm Back With The Best...
aduttonater
02-21-2015 01:41 AM
02-24-2015 08:32 PM
by ExtremeLawncareServices
9 432
honest opinion please
uppercut
02-17-2015 02:30 AM
02-24-2015 07:12 PM
by homey
10 581
2nd year advice anyone
Bradcook21
02-18-2015 07:00 PM
02-24-2015 05:15 PM
by Bradcook21
14 568
need help
lawnexpers115
02-23-2015 05:36 PM
02-24-2015 02:49 PM
by Steve
3 222
Hello People
nativikee
02-23-2015 07:17 PM
02-24-2015 02:43 PM
by Steve
4 218
New member
qua ke zik 001
02-23-2015 11:24 AM
02-23-2015 03:40 PM
by Steve
1 179
New Video
Sprinkler Buddy
02-22-2015 09:18 PM
02-23-2015 03:19 PM
by Sprinkler Buddy
2 216
need help with SCAG...
apmAkron
02-23-2015 09:14 AM
02-23-2015 01:57 PM
by apmAkron
3 205
which degrees would be...
BLAZIER-1991
02-20-2015 04:46 PM
02-23-2015 01:47 PM
by Steve
9 359
Trouble logging in
avetslawncare
02-21-2015 02:06 PM
02-23-2015 01:44 PM
by Steve
1 373
John Deere Quik Track...
acrajchel
02-20-2015 03:12 PM
02-23-2015 01:40 PM
by Steve
1 236
Trimming and...
joshlawncare
02-15-2015 02:04 PM
02-22-2015 09:48 PM
by SGL1
5 570
where can i post this
zippy-phil
02-17-2015 07:58 PM
02-20-2015 02:02 PM
by Steve
7 447
These are the days on...
ExtremeLawncareServices
01-11-2015 11:41 AM
02-19-2015 04:43 PM
by ExtremeLawncareServices
29 2,568
Thumbs up or down?
lawnman1959
02-18-2015 11:40 AM
02-19-2015 01:22 PM
by Chilehead
3 365
Am I growing too fast?
Mattcrump
08-04-2011 11:54 PM
02-19-2015 12:34 PM
by Steve
11 5,152
Say Hello !!!
Steve
03-19-2007 12:18 PM
02-19-2015 12:31 PM
by Steve
1,215 371,181
How to obtain more...
winkie61
02-17-2015 08:31 AM
02-19-2015 12:29 PM
by Steve
3 461
Mowing 2 acres
Bradcook21
01-05-2015 03:13 PM
02-19-2015 12:23 PM
by Steve
16 1,401
How to sell annual...
GroPro
02-17-2015 12:31 PM
02-18-2015 01:46 PM
by GroPro
5 455
FREE Custom Website...
breadcrumb
01-31-2015 10:58 PM
02-18-2015 01:32 PM
by Steve
5 1,053
Taking a step back
Billy Goat
02-16-2015 07:37 AM
02-18-2015 01:17 PM
by Chilehead
9 536
Employees
stevej
02-17-2015 05:25 PM
02-18-2015 12:47 PM
by Mr. Mow
1 354
Landscapers from hell!!
Chilehead
01-29-2015 03:55 PM
02-17-2015 07:48 PM
by ExtremeLawncareServices
9 957
Cannot access your Itune...
winkie61
02-17-2015 10:00 AM
02-17-2015 03:26 PM
by Steve
1 321
Advertising on internet...
Sprinkler Buddy
02-13-2015 01:22 PM
02-17-2015 01:00 PM
by Steve
9 607
new to this forum
NIP'N'TUK
02-14-2015 07:54 PM
02-16-2015 10:03 PM
by Steve
2 442
Advice on bidding 20...
sleepydunn
02-15-2015 07:38 PM
02-16-2015 09:59 PM
by Steve
4 541
New to me mower
xandrew245x
04-27-2014 08:02 PM
02-16-2015 09:48 PM
by Steve
8 1,341
mower blades
tlf59263
02-09-2015 12:36 PM
02-16-2015 05:16 PM
by Just for Cuts
8 770
Just Quit?
ringahding1
01-30-2015 06:23 AM
02-16-2015 02:16 PM
by joshlawncare
18 1,433
Advice on Bidding...
veteranlawnservice
02-08-2015 09:21 PM
02-16-2015 12:14 PM
by joshlawncare
18 1,145
Extending the life of...
rmccutchan
01-17-2015 12:37 AM
02-16-2015 09:51 AM
by rmccutchan
20 1,519
To Mulch OR Not To Mulch
OldSalt
02-12-2015 10:04 PM
02-15-2015 01:25 AM
by ExtremeLawncareServices
14 750
» Popular Tags
2wd 4x4 ad landscaping aerocore apartment bid apartment lawn care estimate applying auger billy goat brushcutter bush contract help deliquentaccounts demonstration design ditches door hangers employee problems estimate facebook foreman four wheel drive google gopherhaul gravely growing a lawn care business how to jobs john deere quik trac landscape services lawn lawn care lawn care busines plan lawn care business lawn care business seo lawn care business show lawn care business website lawn care business website seo lawn care seo lawn care website lawn care website seo lawn mowing managing a lawn care business marketing marketing secrets mulch new mower per hour service podcast pricing pto secrets to landscaping seo shell shreaded snow plowing sq ft starting a lawn care business steep lawns theft toro toro grand stand tractor auger trailer trailer mate pro up sell employee web design website design winterization wood wright stander rh
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 06:56 PM.


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

All times are GMT -5. The time now is 06:56 PM.

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