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
Hello from Md
homey
12-17-2014 06:55 PM
Today 07:56 PM
by Steve
6 233
Has Obamacare helped or...
Steve
12-18-2014 04:37 PM
Today 07:53 PM
by Steve
4 171
Stander Vs. Zt
totalscape
12-20-2014 07:57 PM
Today 06:50 PM
by Chilehead
7 171
Repair or replace the...
lxarth
12-17-2014 05:07 PM
Today 12:02 PM
by SuperiorPower
11 353
Facebook
element009
03-23-2011 09:36 AM
Yesterday 04:33 PM
by stevef1201
38 9,942
Ideas on a large bid
Knaubone
Yesterday 11:57 AM
Yesterday 11:57 AM
by Knaubone
0 68
what do you "love" to...
calebmoss
07-06-2011 10:05 PM
Yesterday 12:52 AM
by rmccutchan
31 9,097
I'm BACK!
SuperiorPower
12-16-2014 11:08 PM
12-20-2014 11:33 PM
by SuperiorPower
7 286
These are the days on...
ExtremeLawncareServices
03-22-2014 10:12 AM
12-19-2014 09:45 PM
by ExtremeLawncareServices
189 16,830
Georgia Boys!
Chilehead
12-18-2014 10:23 PM
12-19-2014 09:36 PM
by Chilehead
2 143
Employee job training...
brookline
12-15-2014 08:15 PM
12-19-2014 07:48 PM
by SuperiorPower
9 398
What Fertilizer to Use?
acrajchel
04-07-2014 02:56 PM
12-17-2014 01:11 PM
by Steve
23 3,050
Grass hopper mower
ExtremeLawncareServices
12-05-2013 09:51 AM
12-17-2014 09:40 AM
by SuperiorPower
34 6,202
Peco Bagger
AGPS
11-18-2014 02:20 PM
12-17-2014 09:13 AM
by SuperiorPower
15 1,411
New to Gopher Haul-from...
323k13l
12-12-2014 10:34 PM
12-15-2014 02:58 PM
by Steve
3 355
hi
creteland
12-12-2014 09:06 AM
12-15-2014 01:45 PM
by Steve
5 344
New addition to my small...
googus
12-12-2014 07:36 PM
12-15-2014 07:47 AM
by googus
4 423
Ferris IS700Z
rmccutchan
12-14-2014 01:10 AM
12-14-2014 11:41 PM
by rmccutchan
4 320
Charge what the market...
Billy Goat
12-09-2014 12:39 PM
12-14-2014 06:39 PM
by biglee
20 873
Hi from IL
steveinil
11-25-2014 02:07 PM
12-12-2014 07:18 AM
by steveinil
4 866
Utility Company Right of...
eastsidelandcare
12-11-2014 04:54 PM
12-11-2014 04:54 PM
by eastsidelandcare
0 334
leaf removal
Double J LLC
10-03-2014 05:24 PM
12-11-2014 04:50 PM
by eastsidelandcare
33 4,176
suggestions on full lawn...
Brian3137
12-10-2014 07:18 PM
12-11-2014 03:41 PM
by Steve
6 449
new to me box truck
jrayb39667
03-06-2014 11:20 PM
12-11-2014 09:43 AM
by Sprinkler Buddy
18 3,459
Hello from SW FL!!
5StarLawnscaping
12-05-2014 02:35 PM
12-10-2014 02:45 PM
by WesleySnips
7 691
Echo pb200 blower fuel...
googus
12-06-2014 09:03 PM
12-09-2014 06:35 PM
by Steve
3 550
Are you prepared for the...
Steve
12-02-2014 04:13 PM
12-09-2014 06:22 PM
by Steve
7 962
Email Address Name
Just Cuts
12-07-2014 09:49 PM
12-08-2014 03:15 PM
by Steve
3 493
Inspection form
stevef1201
12-07-2014 10:38 AM
12-08-2014 03:10 PM
by Steve
1 482
Truck, Trailer,...
hawthornelawncare
12-23-2011 01:01 AM
12-08-2014 12:37 PM
by jrs.landscaping
108 34,327
Back Pack Blower
Ian Lovejoy
11-09-2014 08:41 AM
12-07-2014 06:35 PM
by stevef1201
24 1,798
Innovation by mandate
bayoubandit
11-29-2014 01:33 PM
12-06-2014 03:27 PM
by SGL1
12 1,039
Trying something new,...
ExtremeLawncareServices
09-21-2014 10:07 PM
12-05-2014 11:06 AM
by Steve
9 2,328
Good help is hard to find
Hanks Lawn Care Services
11-19-2014 03:27 PM
12-04-2014 01:32 PM
by stevef1201
15 1,514
How many hours is too...
Just Cuts
12-04-2014 09:00 AM
12-04-2014 01:02 PM
by Just for Cuts
6 679
Does this sound like a...
googus
12-03-2014 07:47 AM
12-04-2014 12:37 PM
by Steve
5 755
New website
Chilehead
11-20-2014 04:39 PM
12-04-2014 12:27 PM
by Steve
14 1,294
New website
SGL1
12-02-2014 10:55 PM
12-03-2014 11:17 PM
by BLC7
19 922
Websites, how long...
Dan Tanner
03-09-2014 08:29 AM
12-03-2014 11:12 PM
by SGL1
21 3,314
I Want to buy old...
ExtremeLawncareServices
10-10-2014 11:04 PM
12-03-2014 10:36 PM
by ExtremeLawncareServices
8 1,928
GPS trackers for...
Billy Goat
12-02-2014 06:09 PM
12-03-2014 07:17 PM
by Steve
8 780
My site is on fronts page
tbtigers03
11-14-2014 05:58 PM
12-03-2014 06:31 PM
by SGL1
17 1,522
Hiring Subs over Temps
Billy Goat
12-02-2014 06:26 AM
12-03-2014 01:24 PM
by Steve
3 691
Thanksgiving cards
Steve
11-10-2008 11:57 AM
12-02-2014 11:11 PM
by SGL1
11 9,583
New parking area
ExtremeLawncareServices
11-07-2014 09:47 PM
12-02-2014 02:17 PM
by jrs.landscaping
12 1,553
Pressure Washing...
WesleySnips
07-31-2014 07:13 PM
12-02-2014 08:47 AM
by SGL1
6 1,565
old contracts
bayoubandit
11-29-2014 11:10 AM
12-01-2014 11:20 AM
by Steve
3 758
Hi to you NOTHERNERS
stevef1201
11-11-2014 05:56 PM
12-01-2014 10:54 AM
by Steve
9 1,339
Lawn care truck
Steve
10-10-2009 03:40 AM
12-01-2014 10:45 AM
by Steve
32 15,254
Intuit Quickbooks...
CDLAWNCARE
11-30-2014 10:19 AM
11-30-2014 10:19 AM
by CDLAWNCARE
0 660
» Popular Tags
2wd 4x4 aerocore apartment complex auger bark billy goat brushcutter blades care charge christmas collections edging employee problems equipment rental estimate foreman four wheel drive gopherhaul gravely growing a lawn care business hardscapes hills holiday husqvarna jobs john deere quik trac labor cost landscape services lawn lawn care lawn care business podcast lawn care business seo lawn care business show lawn care business website lawn care business website seo lawn care website lighting lighting brass outdoor lights marketing mowing mr dave mulch mulch estimate new buisness new mower ordinance past due per hour service podcast pto push versus ride running a business savannah scripts search engine optimization seo shreaded small engine repair snow sprayer starting a business toro grand stand trailer trimmer rack truck new used landscape turfgrass consulting up sell employee won't return wood
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 08:12 PM.


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

All times are GMT -5. The time now is 08:12 PM.

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