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Old 12-28-2013, 02:32 PM
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gulfjoe gulfjoe is offline
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Taxes for a first year solo guy

Any tips for a first year solo part time guy when it comes to taxes this year.
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Old 12-28-2013, 03:35 PM
caseysmowing caseysmowing is offline
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If you have some of the money saved put all of your equipment on a 5 year deduction. If you don't have the money deduct it all the first year.
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Old 12-28-2013, 03:48 PM
GQLL GQLL is online now
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Find you a good CPA and don't do it on your own. This is the best thing u can do
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Old 12-28-2013, 04:13 PM
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gulfjoe gulfjoe is offline
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Quote:
Originally Posted by GQLL View Post
Find you a good CPA and don't do it on your own. This is the best thing u can do
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I interviewed a tax preparer back in sept-oct. She seemed to be pretty knowledgable. She hit all the stuff I had googled and had seen on here. We did not talk about the equipment part of the process. Can you folks enlighten me a little more on that
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Old 12-28-2013, 04:52 PM
GQLL GQLL is online now
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Quote:
Originally Posted by gulfjoe View Post
I interviewed a tax preparer back in sept-oct. She seemed to be pretty knowledgable. She hit all the stuff I had googled and had seen on here. We did not talk about the equipment part of the process. Can you folks enlighten me a little more on that
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I'm just telling you everybody has there own opinion and without seeing what you made and what you want to show as your income depends on how you deducte and that depends on how much equipment you have.
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Old 12-28-2013, 07:58 PM
georgialawn88 georgialawn88 is online now
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only advice I have is if you have some extra cash on hand and you need supplies for the first few months out of 2014 buy now instead of the first of the yr. and get an accountant
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Old 12-28-2013, 08:11 PM
32vld 32vld is offline
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Depending on if you are still working another job, your wife's income, your business income and business expense all have to be looked at. Then based on your tax bracket.

After the number crunching it maybe better for you to write everything off each year instead of spreading it out over several years.

This is where your accountant's knowledge comes in.
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Old 12-28-2013, 08:58 PM
Roger Roger is offline
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Ditto to the suggestions of an accountant. The tax preparer is valuable for putting the information in the right places. But, they are not in the position to give you sound advice on how to structure your finances for the most favorable position. I'm not denigrating the tax preparer, rather just pointing out the differences, and why it is best to work with somebody who understand tax codes, not merely populating forms to make a tax filing. Understanding all the ramifications and giving advice is not their role.
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Old 12-28-2013, 09:01 PM
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jsslawncare jsslawncare is offline
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Taxes!?!? What? Oh no!
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All equipment is wore out. <- Never mind. All equipment has been repainted and with new decals. It's like I have new mower's again!
48" Ferris WB
36" Ferris WB
All Echo hand helds
<- That's how I feel at the end of the day.
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Old 12-29-2013, 09:51 AM
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gulfjoe gulfjoe is offline
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Here is my situation tell me what you guys would do....
I am a FT Jet engine mechanic, My wife works FT and we just had a baby.
We made roughly 84K this year at our jobs combined.
I had roughly 8k in Tithes and charitable donations
all of our bills are itemized
My little PT LCO did about 8K in gross sales this season with almost 12K in expenses so I took about a 4K loss (always told you need to take a loss the first few years so I took a big one IMO)
I financed a walk behind and bought a ton of handhelds, a trailer, and a commercial spreader, along with all the other stuff that is required to run a LCO

I am really low on cash in my Business account because I bought some equipment here recently and all my funds I have left are for 2014 advertising. (I still have money to run my equipment/and my personal accounts are not in jeopardy)

How would you confront your tax preparer/CPA with those kind of numbers.
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