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Old 01-13-2012, 11:48 PM
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BBallkid42 BBallkid42 is offline
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Tax Questions???

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!!
Thanks
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Old 01-14-2012, 01:08 AM
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BeachysLawn BeachysLawn is offline
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Some things you can learn from a forum and some you need to from a professional. Those are questions you need to ask an accountant.
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Old 01-14-2012, 01:35 AM
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mowing4rlife mowing4rlife is offline
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Location: Arkansas
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Quote:
Originally Posted by BBallkid42 View Post
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!!
Thanks
Quote:
Originally Posted by BeachysLawn View Post
Some things you can learn from a forum and some you need to from a professional. Those are questions you need to ask an accountant.
I agree with going to a Certified Public Accountant (CPA). Don't go to H&R Block. SAVE all recepits for every expense you make for the business.
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Old 01-14-2012, 10:47 AM
ralph02813 ralph02813 is offline
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Location: Charlestown, RI
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Quote:
Originally Posted by BBallkid42 View Post
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!!
Thanks
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
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Old 01-14-2012, 11:41 AM
Smallaxe Smallaxe is offline
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15.3% of your gross earnings gets sent in quarterly with Form 1040-ES voucher... During the height of your season add to that amount, the lowest tax bracket amount like 15%. Very simple math, and very easily computed from your Sales Tax sheet...

Or estimate your tax liabilty and divide by 4... Problem with that is: How can you know if you haven't been legal yet?
Not making any estimate payments is foolish, becuz taxes come due during our leanest times...
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