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Old 09-25-2001, 05:08 PM
stslawncare stslawncare is offline
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Join Date: Jun 2000
Location: DE
Posts: 1,484
taxes for the beginner

hey guys, i know i probably have a year or so before i have to worry about this but then again maybe not. i have very little knowledge about the whole tax deal. can someone explain it? how does it work? how often? i guess a percentage of my profit i pay? how does the getting money back work? how do i figure out how much? i know nothing.
STS Lawn Care
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Old 09-26-2001, 10:37 PM
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plow kid plow kid is offline
Join Date: Nov 2000
Location: Toledo Ohio!!!
Posts: 516
You never get any money back!!!!
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Old 09-26-2001, 10:38 PM
Rooster Rooster is offline
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Join Date: Nov 2000
Location: Shawnee Mission, Kansas
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The best advice I can give you is to talk to an account or tax attorney.

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Old 09-26-2001, 10:41 PM
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Join Date: May 2001
Location: St. Louis, Missouri Gateway to the west
Posts: 6,750
Easy, call your parents accountant. They will have to set it up for you anyways.

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Old 09-26-2001, 11:43 PM
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gusbuster gusbuster is online now
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Join Date: Mar 2000
Location: Sunny Northern California, San Francisco Bay Area
Posts: 1,820
Originally posted by plow kid
You never get any money back!!!!
That's a true statement! When you do get money back, normaly the money is credited to the following years estimated Fed and State taxes.

You should check with an accountant first. I would go this route the first couple of years to see how it's done. One thing for sure, you will remember these dates: apr 15th, jun 15th sep15th and jan 15th. These are the days that your 1\4 estimates are due. I hate the first one, both tax from last year and new year is due.
J-LC Landscaping & Maintenance Gardening
C-27 CA. Contr# 770044
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Old 10-08-2001, 12:29 AM
LawnSite Senior Member
Join Date: May 2001
Location: NE OHIO
Posts: 665
Wrong, plowkid! In my first 2 years, I had such a loss that I got a government check for over $2,000.00!!! Not only did I pay no fed taxes, but I actually got money back because of my losses! I could not believe it either, but it is true! I think you can save yourself a ton of money if you get the business tax book from the IRS and just read it. You need a good tax preparer, also. You can expect to pay them a couple of hundred dollars ONCE a year, but it beats $120.00 a month for a CPA!
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