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Introduce Yourself Welcome all new forum members. Please introduce yourself and tell us about you. Tell us about your company. How did you get started? How long have you been in business? What do you do for fun? Don't be shy, say hello! It's fun and educational to interact on the forum!

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Introduce Yourself

Welcome all new forum members. Please introduce yourself and tell us about you. Tell us about your company. How did you get started? How long have you been in business? What do you do for fun? Don't be shy, say hello! It's fun and educational to interact on the forum!
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  #641  
Old 02-21-2010, 08:37 PM
sjradig
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Default Hi

My friend and I are both in college and working at a Grocery Store. The store hires WAY too many people in the summer and we only get like 10 hrs. a week but during the school year we get 20-30.

The company recently put a used van for sale and we thought we could put a trailer on the back, buy a couple mowers (his great-grandfather buys them at auctions and fixes them up) and start a Lawn Mowing business. We didn't get the van because the bidding went higher than our budget allowed. Right now we're just saving money and thinking about what other services to offer.

Ideally we just want to mow lawns and that's it but I recognize that's not going to cut it (no pun intended). We're not sure which other services to offer that are relatively simple to learn and perform. Suggestions with details would be appreciated.


I'm finding the website very helpful and I'm working on the Lawn School Lessons everyday. The logo creator was also very helpful. Thank you! I think it would be more helpful if there was a section added to the Lawn School that introduces and explains the services typically offered by LCO's like fertilization, aeration, dethatching...etc.



Steve

Last edited by sjradig; 02-21-2010 at 08:42 PM.
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  #642  
Old 02-22-2010, 08:29 AM
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Hi,

Welcome to our forum!

Why not try and keep it simple initially and simply focus on mowing? Get the gears of your business to spin and as you get more comfortable with it, add more services?
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  #643  
Old 02-23-2010, 10:51 AM
greenandgreener
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Default New Business what about taxes?

Hey steve, So I been doing alotof reading on how to market a business and all, but recently I got something in the mail that is for doin deposits for IRS taxes. I just dont know how to go about it? Rite now I only have little jobs on the weekends. and I work only about 6 times in the whole month. So how do I know how much of taxes i need to pay.. What do you recommend?
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  #644  
Old 02-24-2010, 10:21 AM
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Well, make as much as you can and talk to an accountant.

But if you are just doing things on a small scale, you probably could figure it out yourself and do your own taxes if you really wanted to.

Any income you take in is added to your income you make from work. You will probably have to pay estimated quarterly taxes, but that is no big deal. I am thinking that is what you meant in your previous post that you got something from the irs?
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  #645  
Old 02-24-2010, 01:26 PM
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Well, make as much as you can and talk to an accountant.

But if you are just doing things on a small scale, you probably could figure it out yourself and do your own taxes if you really wanted to.

Any income you take in is added to your income you make from work. You will probably have to pay estimated quarterly taxes, but that is no big deal. I am thinking that is what you meant in your previous post that you got something from the irs?
ok, so you say i will have to pay quarterly taxes, how do i know how much i have to pay? and from where am I suppose to know how much i made in all? Im working by myself, so i dnt have any employess. I do have a business acct. Do you suggested I put everything in that acct? but then where will the money im making from the business be? Im so lost.. and I just started I dont have money to pay an acct for a consultation.. I kinda want to kno what im talkin about before I go see one.. Thanks so much for such a fast reply=)
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  #646  
Old 02-25-2010, 10:20 AM
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As far as I know the first year you don't have to pay the estimated quarterly taxes because you have no way of knowing what they would be, so you pay it at the end of tax season. Then the following years you pay based on a % of what you made in the last year.

A tax preparer will explain this to you and it is really simple.

Quote:
I do have a business acct. Do you suggested I put everything in that acct?
Ideally you want to keep your business and your personal finances separate. So yes you want to put all your business money in your business account and then pay yourself a salary from your profits.

Quote:
but then where will the money im making from the business be?
Customers will pay their bill to you in the form of a check possibly that you will deposit in your business account. From that you can pay your expenses including your salary.
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  #647  
Old 02-25-2010, 11:22 AM
greenandgreener
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As far as I know the first year you don't have to pay the estimated quarterly taxes because you have no way of knowing what they would be, so you pay it at the end of tax season. Then the following years you pay based on a % of what you made in the last year.

A tax preparer will explain this to you and it is really simple.



Ideally you want to keep your business and your personal finances separate. So yes you want to put all your business money in your business account and then pay yourself a salary from your profits.



Customers will pay their bill to you in the form of a check possibly that you will deposit in your business account. From that you can pay your expenses including your salary.
Wow, this makes soo much sense, Thank you. If I do pay myself from the bus. acct, would I have to consider myself an employee? and I think I will have to go to an accountant. Do you know what I need to take? What exactly happens at a meeting with an accountant?
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  #648  
Old 02-26-2010, 10:20 AM
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Wow, this makes soo much sense, Thank you. If I do pay myself from the bus. acct, would I have to consider myself an employee? and I think I will have to go to an accountant. Do you know what I need to take? What exactly happens at a meeting with an accountant?
I have seen a lot of different views on this. One view would be your salary should be the first expense you pay each month or every two weeks or whatever frequency you decide to go with. Every other bill can wait until after you get paid. The theory behind that being that if you are not personally making money from your labor, it's pointless to continue.

On the other hand I have seen many others who take all the money they can and plow it back into the business so they can upgrade and improve. However you can only do this if you have another source of income.

Would you pay yourself like an employee? You can. Or you can say here are my expenses and anything I make over that is my salary.

If you go and visit an accountant now, you really won't have much to take with you initially except your plan of what you want to do. With their help you will get yourself running straight and realize you can't spend everything you take in. You need to have some kind of an idea how much you will be paying in taxes, otherwise you will be shocked at the end of the year when you spent everything and your tax bill is HUGE.

Keep us posted on how it all goes.
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  #649  
Old 02-26-2010, 12:08 PM
greenandgreener
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I have seen a lot of different views on this. One view would be your salary should be the first expense you pay each month or every two weeks or whatever frequency you decide to go with. Every other bill can wait until after you get paid. The theory behind that being that if you are not personally making money from your labor, it's pointless to continue.

On the other hand I have seen many others who take all the money they can and plow it back into the business so they can upgrade and improve. However you can only do this if you have another source of income.

Would you pay yourself like an employee? You can. Or you can say here are my expenses and anything I make over that is my salary.

If you go and visit an accountant now, you really won't have much to take with you initially except your plan of what you want to do. With their help you will get yourself running straight and realize you can't spend everything you take in. You need to have some kind of an idea how much you will be paying in taxes, otherwise you will be shocked at the end of the year when you spent everything and your tax bill is HUGE.

Keep us posted on how it all goes.
Thanx, now a curiosity I do have is what types of things does IRS consider to be a tax deductable for a business. What would you recommend that I keep as in receipts?
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  #650  
Old 02-27-2010, 10:40 AM
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This is another place where the accountant will come in handy. Keep all your receipts and organize them into different categories. Then you can present them at the end of the year and have the accountant tell you what is useful and what isn't.
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