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, 08:02 PM
HPI_Savage25 HPI_Savage25 is offline
Member
 
Join Date: Nov 2011
Location: Evans, GA
Posts: 55
Rep Power: 3
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, 08:07 PM
TiedemanLLC TiedemanLLC is offline
Senior Member
 
Join Date: Dec 2011
Posts: 226
Rep Power: 3
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, 08:08 PM
mark123's Avatar
mark123 mark123 is offline
Senior Member
 
Join Date: Apr 2009
Location: Pennsyltucky
Posts: 1,401
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, 08:10 PM
HPI_Savage25 HPI_Savage25 is offline
Member
 
Join Date: Nov 2011
Location: Evans, GA
Posts: 55
Rep Power: 3
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, 08:12 PM
mark123's Avatar
mark123 mark123 is offline
Senior Member
 
Join Date: Apr 2009
Location: Pennsyltucky
Posts: 1,401
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, 08:16 PM
HPI_Savage25 HPI_Savage25 is offline
Member
 
Join Date: Nov 2011
Location: Evans, GA
Posts: 55
Rep Power: 3
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, 08:24 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, 08:26 PM
mark123's Avatar
mark123 mark123 is offline
Senior Member
 
Join Date: Apr 2009
Location: Pennsyltucky
Posts: 1,401
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 08:29 PM.
Reply With Quote
  #9  
Old 01-08-2012, 08:37 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, 08:56 PM
mark123's Avatar
mark123 mark123 is offline
Senior Member
 
Join Date: Apr 2009
Location: Pennsyltucky
Posts: 1,401
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 08:58 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 05:29 AM
Taxes Steve General Business Discussions 9 04-26-2010 04:15 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
Building credit
Matther777
07-27-2014 05:20 PM
Today 10:29 AM
by Greg'slawnandlandscape
13 290
Gopher software
Chaz
Today 09:49 AM
Today 09:49 AM
by Chaz
0 6
Employee wont return...
Prolawnofchatt
06-13-2014 03:12 PM
Yesterday 09:59 PM
by WesleySnips
5 560
These are the days on...
ExtremeLawncareServices
03-22-2014 09:12 AM
Yesterday 09:40 PM
by ExtremeLawncareServices
87 4,916
Buy a good company at a...
Steve
03-12-2011 06:38 AM
Yesterday 08:22 PM
by WesleySnips
1 1,680
Mow and leaf cleanup bid
SGL1
07-29-2014 07:28 PM
Yesterday 07:14 PM
by SGL1
23 321
Pressure Washing...
WesleySnips
Yesterday 06:13 PM
Yesterday 06:13 PM
by WesleySnips
0 41
Echo Edger 'Neutral'
WesleySnips
07-25-2014 05:28 PM
Yesterday 05:58 PM
by WesleySnips
5 217
trimming back shrubs
WesleySnips
Yesterday 06:14 AM
Yesterday 01:08 PM
by WesleySnips
3 86
Late charge
Simon Abousaada
07-30-2014 07:23 PM
Yesterday 12:41 PM
by Steve
2 90
Need input on a bid
phlawncare
07-28-2014 08:51 PM
Yesterday 05:08 AM
by kslawn
7 221
New from Texas
Livingston Lawn Care
07-25-2014 11:17 AM
07-30-2014 01:03 PM
by Steve
5 223
Single tree, mow customer
WesleySnips
06-27-2014 10:12 AM
07-30-2014 12:31 PM
by Steve
17 761
Formulas Used
BaileynSamsMum
07-29-2014 06:40 AM
07-30-2014 12:19 PM
by Steve
3 162
Spreading Weeds?
WesleySnips
07-27-2014 09:46 PM
07-30-2014 06:29 AM
by kslawn
5 195
Will summer ever come
ExtremeLawncareServices
07-29-2014 08:27 AM
07-29-2014 08:29 PM
by SGL1
5 146
From Concord NC
SouthernRootsLawnCare
07-26-2014 02:34 PM
07-29-2014 02:28 PM
by Steve
3 156
Have you ever had to...
SouthernRootsLawnCare
07-26-2014 02:41 PM
07-29-2014 02:28 PM
by Steve
4 211
Left handed edging with...
SGL1
07-23-2014 08:59 PM
07-28-2014 07:39 AM
by SGL1
15 399
Echo PE 266 edger
stevef1201
07-01-2014 01:28 PM
07-27-2014 10:14 PM
by WesleySnips
5 404
Texas lawn care company...
Livingston Lawn Care
07-25-2014 11:29 AM
07-27-2014 08:16 AM
by Just for Cuts
7 240
need some help geting...
dalvan0
07-13-2014 09:28 PM
07-26-2014 04:39 PM
by BLC7
7 390
new trailer help
mattthelawnguy
07-11-2014 08:21 PM
07-25-2014 06:31 PM
by mattthelawnguy
13 593
You know it;s gonna be a...
stevef1201
07-25-2014 08:50 AM
07-25-2014 01:34 PM
by Steve
1 151
Customer letters
kslawn
07-23-2014 06:17 AM
07-25-2014 01:20 PM
by Steve
5 283
Got my first lawn job...
SGL1
06-11-2014 09:19 PM
07-24-2014 07:09 PM
by SGL1
29 1,378
Need help determining...
Jbss861
07-20-2014 02:33 PM
07-24-2014 01:11 PM
by Steve
13 469
Should I ?
googus
07-22-2014 04:06 PM
07-24-2014 12:10 PM
by Steve
4 304
My First Apartment...
SSLCtn
05-26-2014 10:17 PM
07-24-2014 06:46 AM
by kslawn
15 992
Crop Rotation Techniques...
eastsidelandcare
07-17-2014 03:47 PM
07-24-2014 06:38 AM
by kslawn
3 279
Selling lawns like...
eastsidelandcare
07-17-2014 03:51 PM
07-24-2014 06:28 AM
by kslawn
3 339
Scag new "Eliminator"......
ExtremeLawncareServices
07-20-2014 10:45 AM
07-23-2014 05:37 PM
by Just for Cuts
9 400
need professional advice...
Fiddlers_green
07-20-2014 07:21 PM
07-23-2014 12:42 PM
by Steve
3 284
new to me box truck
jrayb39667
03-06-2014 10:20 PM
07-23-2014 12:40 PM
by Steve
15 1,527
Lawn Service back in...
LawnCareMan280
07-18-2014 09:00 PM
07-23-2014 11:48 AM
by Steve
4 312
Overspray?
stevef1201
07-21-2014 04:20 PM
07-23-2014 11:39 AM
by Steve
3 221
Hello Everyone! Newbie...
SLKlawn
07-17-2014 06:22 PM
07-22-2014 01:53 PM
by Steve
6 365
Proper height for lawn
rob lederhilger
05-26-2014 08:01 AM
07-21-2014 02:53 PM
by LawnDoctor
9 732
Blade sharpener
Just for Cuts
07-04-2014 12:31 PM
07-21-2014 01:48 PM
by Steve
9 597
What's my business worth?
Chaz
07-16-2014 01:35 PM
07-21-2014 01:45 PM
by Steve
4 376
1.5 Acre Jungle
WesleySnips
07-15-2014 05:57 PM
07-20-2014 11:31 AM
by ExtremeLawncareServices
21 721
Gopher schedule software
Ray
07-18-2014 04:13 PM
07-18-2014 04:13 PM
by Ray
0 271
2006 Chevy fuel pump...
KevinsLawns
07-17-2014 08:39 PM
07-18-2014 11:51 AM
by Steve
1 259
Halfway point of year!
Steve
07-01-2014 12:08 PM
07-18-2014 11:38 AM
by Steve
14 830
I got told to leave and...
gwilson98
06-16-2014 02:07 PM
07-17-2014 11:43 AM
by Steve
16 1,152
Hey guys this is the...
prmenter@gmail.com
07-07-2014 08:23 PM
07-16-2014 08:10 PM
by ExtremeLawncareServices
28 889
Mowing the hills
prmenter@gmail.com
07-08-2014 12:22 PM
07-16-2014 05:00 PM
by Just for Cuts
18 801
Say Hello !!!
Steve
03-19-2007 11:18 AM
07-15-2014 05:38 PM
by icon2000
1,184 322,419
Classified Ad Template...
bcfb
06-05-2013 02:40 AM
07-15-2014 11:16 AM
by Steve
15 3,833
Husqvarna pz 60
CDLAWNCARE
07-06-2014 06:50 PM
07-15-2014 08:53 AM
by kslawn
10 544
» Popular Tags
4wd advertisement apartment bid 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 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 10:52 AM.


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

All times are GMT -5. The time now is 10:52 AM.

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