taxes?

[HappyGrasslawncare]

how do you go about doing your taxes in the lawn industry?

thanks

[Toy2]

how do you go about doing your taxes in the lawn industry?

thanks

Cash in the left pocket......checks in the right...............you'll learn.....

[HappyGrasslawncare]

i dont get it haha.

[Toy2]

My wife's cousin has a plumbing business in another State, his first year he made about $300+ K and had nothing to show for it but stress.....

His second year he make about $75K............has a brand new KingRanch 4x4, new F-250 work trucks, new 5th wheel, new house, plus 2 rentals.....and a bada$$ 70 Ford Bronco.....plus wife on his payroll making about $80K.......big smile on his face......

Government teaches you how to become a thief..........sad, but so true.....

[bohiaa]

What's he's saying is spend everything, But make it a deduction.

and if the Tax man is reading this, I'm from Ohio.

[Toy2]

What's he's saying is spend everything, But make it a deduction.

and if the Tax man is reading this, I'm from Ohio.


Thank you sir, and yes if a tax man is reading.....well....


I'm an illegal anyway, so really don't care what he does........

[clipperslawnservice]

my c.p.a. gives me the quarterly papers,just figure 30 percent,and write
the check,sign and mail.:cry:

[J&R Landscaping]

my c.p.a. gives me the quarterly papers,just figure 30 percent,and write
the check,sign and mail.:cry:

Pretty much! Check with your states as far as sales taxes and the specifics go...

[HappyGrasslawncare]

im above the law haha. i like toy2s answer sounds good to me.

[jsw2008]

how do you go about doing your taxes in the lawn industry?

thanks

Get a CPA to do your tax return for you and get ready to be sick when you find out what a BIG check you need to write to Uncle Sam every 3 months. My quarterly estimates doubled for this year. I hate taxes. And don't try that cash in one pocket, checks in the other accounting method. You'll end up paying one way or another. Might as well do it without interest and penalties.

[ChrisGA]

I like that cash in left check's in right accounting. Might just put that into affect for a little while never thought about it haha.

[830z-track]

cash in left/checks in right....doing just that, I was able to show $33,000 gross. after equip, expenses, etc...owed state $0, Fed $130...Whew!!!! coulda went the other way without some sound advice from a 21 year vetran in the industry.

[lawnmowing guy]

cash in left/checks in right....doing just that, I was able to show $33,000 gross. after equip, expenses, etc...owed state $0, Fed $130...Whew!!!! coulda went the other way without some sound advice from a 21 year vetran in the industry.

Nice. Can't get away with that here in Jersey. We have a $500 minimum tax no matter what the expenses and, or, losses are.

[melanieb3]

here, I'm sticking with honesty and hoping that we will be blessed. We're not making too much money right now anyways so we're still in the red, but all cash and checks go into the same pocket.

I do, however, allow my company to pay for any and all expenses that would not occur had I not gone into this business...therefore, it is a business expense.

Since we're working from home for the time being, the business pays half the rent and utilities except for the phone/internet, it pays for all of it.

I've known quite a few owners of various companies that used the "cash in right/checks in left" method and in the end, they went under...not sure it if was because of the method or maybe just because of all their methods of dishonesty....

It's quite tempting to put that cash into a separate pocket though...don't get me wrong...but that's when having two (my husband and myself) as the bosses, we can talk e/o into doing the right thing.

[jsw2008]

I know a couple of people in my small town that have been busted for tax evasion for not reporting cash. One guy ran a hair salon and actually gave people a 20% discount for cash (how do you think most people paid) and then didn't report it. They other guy washed cars. Both of them got their butts nailed for years of back taxes. The IRS is one gov't agency I don't want to tangle with.