taxes for the beginner

[stslawncare]

hey guys, i know i probably have a year or so before i have to worry about this but then again maybe not. i have very little knowledge about the whole tax deal. can someone explain it? how does it work? how often? i guess a percentage of my profit i pay? how does the getting money back work? how do i figure out how much? i know nothing.

[plow kid]

You never get any money back!!!! http://members.aol.com/ncls484/smilies/cry.gif

[Rooster]

scottie,

The best advice I can give you is to talk to an account or tax attorney.


Rick

[LAWNGODFATHER]

Easy, call your parents accountant. They will have to set it up for you anyways.

LGF:blob1:

[gusbuster]

Originally posted by plow kid
You never get any money back!!!! http://members.aol.com/ncls484/smilies/cry.gif

That's a true statement! When you do get money back, normaly the money is credited to the following years estimated Fed and State taxes.

You should check with an accountant first. I would go this route the first couple of years to see how it's done. One thing for sure, you will remember these dates: apr 15th, jun 15th sep15th and jan 15th. These are the days that your 1\4 estimates are due. I hate the first one, both tax from last year and new year is due.
John

[MATTHEW]

Wrong, plowkid! In my first 2 years, I had such a loss that I got a government check for over $2,000.00!!! Not only did I pay no fed taxes, but I actually got money back because of my losses! I could not believe it either, but it is true! I think you can save yourself a ton of money if you get the business tax book from the IRS and just read it. You need a good tax preparer, also. You can expect to pay them a couple of hundred dollars ONCE a year, but it beats $120.00 a month for a CPA!;)