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Old 05-17-2011, 10:13 PM
Trucklover Trucklover is offline
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Join Date: Mar 2011
Location: MD
Posts: 90
Tax help!

I just set up my LLC and got my insurace..... now comes the hard part Taxes . My first question is should I do the taxes my self or have a company to do it? Also how often do you guys file quarterly or annually? Im only 18 so any advice would help me out a lot! -Thanks
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  #2  
Old 05-18-2011, 01:29 AM
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Flatop Flatop is offline
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Join Date: Jun 2008
Location: San Antonio, TX
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Hire a CPA and make sure you keep keep all receipts, expenses, mileage, fuel, etc. I prefer to do my taxes quarterly. I will be going LLC beginning of 2012.
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Old 05-18-2011, 07:58 AM
Jay Ray Jay Ray is offline
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Location: d"Iberville MS
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You have to file estimated taxes quarterly and the next installment is due June 15th.
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Old 05-18-2011, 09:36 AM
Smallaxe Smallaxe is offline
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Location: Central Wisconsin
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Try to get a rough estimate of your taxable gross income and send in 15.3% of that amount quarterly... That should get you in the ballpark for Federal anyways... Don't forget Sales Tax and State Income Tax... Sales tax can be done on the internet, here in Wisco from our DOR site... Have fun...
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  #5  
Old 05-18-2011, 10:55 AM
DavesLL DavesLL is offline
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Join Date: Apr 2011
Posts: 48
Best thing would be to check around your local area for a CPA or other small mom-and-pop type accounting firm. Make some calls and inquire about rates; pick someone and roll in. Bring your records and whatever you've managed to maintain in the way of books.

They will organize your accounting data properly, and if they're good they'll ask you some questions about what you think / have projected your rest of the year to look like income wise. Then they should be able to advise you how to plan your finances. Don't be afraid to ask questions; you're paying them for their help.

If you don't want or need your records fixed up, then you can probably pay less by simply going to a tax office (HR Block, Jackson Hewitt, etc...) and sitting down for an hour or two to ask and have questions answered. Now that it's past tax-season, a lot of the folks who'll be manning these offices right now will be accountants anyway. If you go this route, be prepared with your finances to-date, and what you're projecting assuming the rest of the year goes as you expect.
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Old 06-24-2011, 01:42 PM
chapandrew6 chapandrew6 is offline
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Join Date: May 2011
Location: Cincinnati, OH
Posts: 35
I thought that even with an LLC you dont need a service vendor license and can just pay your taxes at the end of the year. I havent got my LLC but the CPA i spoke to said i could just pay yearly
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Old 06-24-2011, 02:54 PM
Texas Lawn Texas Lawn is offline
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Join Date: Jun 2010
Location: Great State of Texas
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My advice is to do some research and educate yourself. I would still reccommend a CPA but it is always good to know that stuff, especially being young. I have a CPA do all my stuff but still took lots of accounting courses so I can atleast understand what is going on, even if Im not doing ut
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