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Creative Cuts
02-12-2012, 10:36 PM
I need some input on correctly filing taxes, how to claim employees, write-offs, everything to be legit. I file for my business but not sure if i'm filing correctly.

JB1
02-12-2012, 10:48 PM
I need some input on correctly filing taxes, how to claim employees, write-offs, everything to be legit. I file for my business but not sure if i'm filing correctly.



you really need to go talk to a cpa or some tax professional. for legitimate information.

mowerbrad
02-12-2012, 10:49 PM
I don't believe anyone on here is a CPA (I could be wrong).

You are going to want to go talk to your accountant. Every person's business is different, you want to make sure that you are doing everything right for YOUR business.

I know its probably not the answer you were looking for but just go talk to your CPA.

Greenery
02-12-2012, 11:07 PM
Taxes? Um what are those?

Did you mean taxis, I know what those are, I use them at the end of each month. They bring me to pick up my check.
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weeze
02-12-2012, 11:20 PM
talk to a cpa or use something like turbo tax that walks you through it step by step.

Mikegyver
02-12-2012, 11:41 PM
I don't think Turbotax will cut it on business taxes. Find a good CPA and take good care of him or her. I have a really good one and he charges me peanuts for my quarterlies....its awesome and all I have to do is sign on the line, make a check out, and lick the envelope shut. They will answer all your questions and have ways of paying less i.e. finding exemptions.... especially on personal taxes. Generally they pay for themselves.

weeze
02-12-2012, 11:46 PM
they have a turbo tax for small business owners. it does your personal and business all in one. it's good for a solo operation. maybe not so good for a big company.

Mike1977
02-12-2012, 11:58 PM
cpa, for sure. cost 150 or a bit more, doing it right, priceless. more likely you'll get extra $$ using a cpa.

Mikegyver
02-13-2012, 10:02 AM
Jason,
It may do both but I doubt it does much other than federal income tax. Typically you don't file federal income taxes on businesses. Usually its done through the owner(s) taxes. Turbo tax won't make up w2s 1099s payroll etc. Accountant all the way!!!
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417lawncare
02-13-2012, 10:33 AM
Hiring a CPA is the best option, hope you saved your receipts, kept track of your mileage, etc. Ohh yeah btw hiring a CPA is a deduction also.

Kelly's Landscaping
02-13-2012, 10:59 AM
Saw the accountant on Saturday probably hear back from him later this week. You want to use a book keeping software like quick-books and and track and enter your entire year into it. Print the reports and check for mistakes even after 10 years we still find some every year. We then do a gas report and calculate how many gallons were used and what % was off road use. That's getting easier with only 1 gas truck left in the fleet. We then prep the report for the accountant I believe were getting $516 dollars back this year in gas tax refund. Which is 8 bucks less then last year still that 500 dollars in the early season is seriously welcomed. Once all our reports are set and proofed we take them and a copy of quick-books on memory stick to the accountant and he does his end.

The reason for that is simple I want to pay him for his expertise not his filing and book keeping abilities. In other words hire him on a budget and use him for what he does best and do the end you can do yourself. As for turbo tax or something like that I have a very long form with massive depreciation tables and roll over deductions just on me personally that are close to 150k. I won't be risking that to a program even the treasury secretary couldn't figure out and branded himself with the name tax cheat Timothy Geithner.

yard_smart
02-13-2012, 11:05 AM
We budget around 3k a year for tax and legal fees. Aside from a business plan and good book keeping a CPA and Business Attorney are your most important investments.

DA Quality Lawn & YS
02-13-2012, 11:06 AM
For a solo op, filing taxes with Turbo Tax is easy as long as you keep your records in order.
I would never pay an accountant to do my taxes as a solo.

mkarps
02-13-2012, 01:57 PM
I agree turbo tax is great if you are just a solo operation. I do all the work myself. Keep all reciepts. I just print out total sales of my program and enter in reciepts and turbotax leads you right through.

Mikegyver
02-13-2012, 04:09 PM
Agree w/ Kelly's. I keep track weekly of every penny on QB. I print out or email the files to my accountant on a quarterly/yearly basis and he handles everything. QB is awesome for keeping track of expenses. With a couple clicks of my mouse I can break down all my expenses and see where I need to cut back. This year Labor was my #1 expense, then repairs/maintenance, then fuel, etc. Its pretty cool. Then I can print reports on everything and evaluate what I need to do differently. Really is a major asset to any business.
Oh ya....I keep 99.9% of my receipts.
Mike

mkarps
02-14-2012, 12:05 AM
Saw the accountant on Saturday probably hear back from him later this week. You want to use a book keeping software like quick-books and and track and enter your entire year into it. Print the reports and check for mistakes even after 10 years we still find some every year. We then do a gas report and calculate how many gallons were used and what % was off road use. That's getting easier with only 1 gas truck left in the fleet. We then prep the report for the accountant I believe were getting $516 dollars back this year in gas tax refund. Which is 8 bucks less then last year still that 500 dollars in the early season is seriously welcomed. Once all our reports are set and proofed we take them and a copy of quick-books on memory stick to the accountant and he does his end.

The reason for that is simple I want to pay him for his expertise not his filing and book keeping abilities. In other words hire him on a budget and use him for what he does best and do the end you can do yourself. As for turbo tax or something like that I have a very long form with massive depreciation tables and roll over deductions just on me personally that are close to 150k. I won't be risking that to a program even the treasury secretary couldn't figure out and branded himself with the name tax cheat Timothy Geithner.

Is this gas tax refund a state credit? I don't recall ever seeing that in WI.

Creative Cuts
02-14-2012, 12:08 PM
thanks for all the input, i pretty much do everything already but might look into an accountant

WheatBookkeeping
02-14-2012, 04:19 PM
If you donít think youíre filing correctly and legit, you need a CPA to look at what youíve done IMMEDIATELY! Itís no joke. If you know a good CPA, hook up with him/her ASAP. If need be, find a successful Lawn Care Professional that you know and respect and ask them to give you a CPA referral.

Iím not saying you shouldnít do your own bookkeeping, payroll and tax preparation. If the extra workload fits your schedule, Iím sure you can do it. Iím just saying, have a professional checkout your record keeping and filings and set you on the right track going forward.

Have a good day

Kelly's Landscaping
02-14-2012, 09:43 PM
Is this gas tax refund a state credit? I don't recall ever seeing that in WI.

18.4 cents a gallon federal tax on gas for the highway system. If its used off road like in a mower it is not subject to that tax and they will give it back to you if you file for it.

mkarps
02-16-2012, 04:05 PM
18.4 cents a gallon federal tax on gas for the highway system. If its used off road like in a mower it is not subject to that tax and they will give it back to you if you file for it.

Definitely would be nice but seems like it would be a lot of extra work for me to keep track of which amounts are for my mowers for the return. I'll probably just be a little laxy and lump in everything as Fuel. I agree with all diesel trucks would definitely help keeping track.

scotts lawn care
02-16-2012, 04:33 PM
I use to have an accountant, and then i switched to a CPA. The cpa knows his stuff, he always has an answer for all my questions. Im glad i switched, and he has saved me money, and also found some mistakes that the accountant made.

JContracting
02-17-2012, 11:54 AM
they have a turbo tax for small business owners. it does your personal and business all in one. it's good for a solo operation. maybe not so good for a big company.

It's complete garbage even for a solo op. I tried the home & biz and it was a mess when it came to the mileage logs and vehicle fuel expenses. Wanted to try it out for myself and I then booked an appt with my cpa next week and am returning turbo tax.
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Mikegyver
02-18-2012, 01:12 AM
I use to have an accountant, and then i switched to a CPA. The cpa knows his stuff, he always has an answer for all my questions. Im glad i switched, and he has saved me money, and also found some mistakes that the accountant made.
CPA and accountant are the same thing....

Daily Lawn/Landscape
02-18-2012, 12:01 PM
You will also love the CPA when the IRS comes to do an audit. Plus, a good CPA will find money that you or an online service won't. The little bit of money it cost outweighs the peace of mind knowing you got back eveything possible and it is done right. They can even inform you of other tax benifits.

James

XYZLawnPros
02-20-2012, 01:02 AM
Ask your accountant/cpa/business attorney or irs monetary terrorist to show you the statute/act that forces you to pay income tax, business tax, state tax etc, beyond the barrel of a gun.

DoetschOutdoor
02-20-2012, 01:17 PM
Kellys, can you explain anymore about the fuel tax refund? Im a small solo biz. but I take my info to a cpa and he pumps out the numbers. I keep track of mower, trimmer, etc. fuel and then have 1 diesel truck which ends up being alot of my fuel bill. Anymore info so I can sound half educated on the subject when I go in to see him here shortly? thx.

Kelly's Landscaping
02-20-2012, 03:37 PM
Kellys, can you explain anymore about the fuel tax refund? Im a small solo biz. but I take my info to a cpa and he pumps out the numbers. I keep track of mower, trimmer, etc. fuel and then have 1 diesel truck which ends up being alot of my fuel bill. Anymore info so I can sound half educated on the subject when I go in to see him here shortly? thx.

Ok the Irs has a fuel tax credit and refund section in their code. They give a list of what's exempt from the national sales tax on gas and diesel. Among them listed is off road use. Gas is currently taxed at 18.4 cents a gallon and if you using it in mowers its off road and exempt from the fed tax.

So how do we track it I guess is your question well for starters every single fuel purchase we make each year and there are some days we have 6 receipts. All of them are made on our amx card and even if we lose or never get the receipt we have a record of the purchase. So then comes the fun part we make a spread sheet off the amx reports and list ever single purchase then we sort the gas receipts and put them in order. Then comes the cross checking part we fill in the missing info on the report the gallons and the price per gallon and when we find we are missing one we now have prices with in days and can work our the missing info. All diesel purchases are removed from the report and when done we can figure out the amount of gallons we bought then we have to assign a % of that that was used off road in our case its very high since we only have one small gas truck left that's only a back up truck. We then calculate the amount of gallons getting credit then the price and figure out what we are owed back we give the report to the accountant and he does the rest.

When we first discovered this we were in our 3rd year and we did the report for the previous years as well so we got them all back.

JContracting
02-20-2012, 05:06 PM
Is there a form you fill out that's available from the IRS, ill be finalizing my taxes Wed and want to make sure I'm prepared upon arrival to my cpa's office.
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GreenI.A.
02-21-2012, 07:27 PM
The way I keep track of my offroad fuel use for gas and diesel is that I never fill up the trucks and equipment during the same transaction. For example if I go in the the station with the gas truck and need to fill some 5gallon cans, I first fill the truck and complete that transaction and then fill the gas cans and get a second receipt. Milege is writen on the truck receipt along with truck number and an E (for equipment) is put on the equipment fuel recipt. If we fill the skidsteer or dingo directly, we right that on the receipt as well. The receipts get stapled onto the days work orders before the guys leave the gas station, so that they are sure to return them to me at the end of the day.

zturncutter
02-21-2012, 07:40 PM
Is there a form you fill out that's available from the IRS, ill be finalizing my taxes Wed and want to make sure I'm prepared upon arrival to my cpa's office.
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IRS Form 4136

zturncutter
02-21-2012, 07:43 PM
2010 S Corporation return line 23 c , Credit for federal tax paid on fuels.