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joel29m
12-04-2009, 02:22 AM
im new to lawn care, and i was wondering do yall get a good refund back on income taxes each year? i saved all my reciepts i used on my business card, wrote down all my miles, and wrote out reciepts. is it some thing i missed besides repairs?

AI Inc
12-04-2009, 05:18 AM
Insurance, fuel, office supplies , advaertising, phone ect , the list goes on.
You will not be getting anythingh back unless you overpaid on your quarterlies. You will be paying.

JB1
12-04-2009, 07:05 AM
I haven't seen a refund in years, but if you want a big one back, pay one thousand dollars more each quarter.

AI Inc
12-04-2009, 07:13 AM
In other words, give an interest free loan to the gvmt.

joel29m
12-04-2009, 09:29 AM
In other words, give an interest free loan to the gvmt.

Or just take taxes out on my own each month and save til the end of the year.
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starry night
12-04-2009, 09:51 AM
...........utilities,purchases fertilizer, purchases fuel, supplies-general, banking charges, depreciation, dues and subscriptions, legal and professional fees, licenses and permits, office supplies, repair and maintenance buildings, repair and maintenance equipment, small tools, seminars and schooling, sanitation, taxes workers comp, taxes real estate, security.......... just to name a few.

DA Quality Lawn & YS
12-04-2009, 09:54 AM
joel - I am going to guess you are operating as a sole prop, just starting out, right?
If so, you file your business taxes and personal taxes all together. There are lots of expenses you can deduct - do some sleuthing on here and some searches on the internet to make sure you have everything possible coming back to you in the form of deductions.

Also, be careful, you DO NOT necessarily need to make quarterly tax payments. If you have another job OR if your spouse works, and you or she deduct enough from your regular paycheck to cover your business income tax, then NO need to send quarterlies to the govt, that would be overkill. You really don't want anything besides a small refund coming back to you anyway.

starry night
12-04-2009, 10:01 AM
DA Quality: Now that was a great example of a helpful response on Lawnsite forums.

joel29m
12-04-2009, 10:09 AM
You really put it out right, I was on turbo tax last night keying in info what I had so far and got to the milage ( if I spelled it right) and it told me I did not qualify for a deduction on my miles. Got me thinking I waste my time keeping track on it.
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KeystoneLawn&Landscaping
12-04-2009, 10:49 AM
Joel, do yourself a favor and find a local CPA. Don't let the rates they charge scare you away, they are worth every penny. Every companies situation is different, the advise you get here can be very helpful, but none of us can know exactly what your situation is. If you go to Dave Ramseys website http://www.daveramsey.com/ , at the bottom left side you find a link for endorsed local providers. Click on that, then on the one for tax services. Fill in the info and someone will contact you within 2 days. The people he endorses are professionals who are as much a teacher as a service provider. I found my CPA that way and he has been great. Good luck with the business!

joel29m
12-04-2009, 11:01 AM
Thanks about that ill look it up later on thanks for the advice.
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J & D Greens
12-04-2009, 05:09 PM
im new to lawn care, and i was wondering do yall get a good refund back on income taxes each year? i saved all my reciepts i used on my business card, wrote down all my miles, and wrote out reciepts. is it some thing i missed besides repairs?

This is our third year working part time 20 accounts per wk. I also work full time somewhere else as my wife does also. Here is the thing, with all the right offs there are only direct expenses like equipment, gas, insurance mileage and so on will help with your taxes. If you are using your Garage as your shop/office as I am. It will only help towards the positive income you have earned in your business alone, not towards your other income (can't take you into the negative). So unless your equipment takes you into the negative as a loss you it won't help your taxes.