Originally Posted by BBallkid42
Established solo op business for about 5 years now looking to get insurance and become a legal company. Some questions are:
1. How do you budget your personal taxes and business taxes? Do you just plan out how much you'll have to pay or do you get a notice from the state and federal govt?
2. I only do lawn care and landscaping right now so as far as becoming a legal company what do I need to obtain?
3. How do I go about writing things off as business expenses so they are tax deductible?
Any more advice or info. I should know would be great!!
The advice you have so far is great, I would add, get yourself a good bookkeeping program that has the ability to grow with you I am used quickbooks and have used it for years. For cash flow purposed, I do my taxes quarterly, If you become an LLC your writeoffs become much clearer and you can put money away for retirement with pretax dollars.
Quickbooks will do your payroll, inventory and produce all the reports any cpa will need to do your books.
Go on line to quickbooks.com and start their, there are qb experts all over the country and most are either bookkeepers or cpas