Register free!
Search
 
     

The Green Industry's Resource Center


Click for Weather
Reply
 
Thread Tools Display Modes
  #1  
Old 04-29-2003, 01:14 AM
jeff_0 jeff_0 is offline
LawnSite Senior Member
 
Join Date: Sep 2001
Location: md
Posts: 401
do u came all your income

i'm new to having my own business.. i started last year... it's kind of hard for me to track all of my income.. does everyone claim every dollar they make
Reply With Quote
  #2  
Old 04-29-2003, 02:15 AM
lawnMaster5000 lawnMaster5000 is offline
LawnSite Senior Member
 
Join Date: Jul 2000
Location: St. Louis Missouri
Posts: 589
Yes i claim all my income, all business income is tracked directly through quickbooks and i am not even able to receive a payment without it getting recorded, otherwise all kinds off things become unbalanced.

Most of the guys here claim 100% of their income and the ones that don't should.

If you have problems tracking income you need to look into investing into some sort of accounting system. That can either be a paper system or a little more expensive, but tons easier a computer system.

If you search this site you will be able to find alot of information on book keeping practices.
__________________

Happy Mowing from StL
-Scott Marquart

www.westcountylandscaping.com
Reply With Quote
  #3  
Old 04-29-2003, 09:17 AM
KerryB KerryB is offline
LawnSite Senior Member
 
Join Date: Aug 2001
Location: North Carolina transition zone 7&8
Posts: 661
Time to buy Quickbooks. lol
If you cant track all your income then you surely cant track all of your expenses.
How will you know if your making a profit?
And yes I claim all my income and take all my deductions. I keep up with it on a daily, weekly and monthly basis. That way I know if I need to buy more equipment to offset income.
Reply With Quote
  #4  
Old 04-29-2003, 05:07 PM
jeff_0 jeff_0 is offline
LawnSite Senior Member
 
Join Date: Sep 2001
Location: md
Posts: 401
thank you guys.. i'll looking into buying quickbooks
Reply With Quote
  #5  
Old 04-29-2003, 08:39 PM
Green Pastures's Avatar
Green Pastures Green Pastures is offline
LawnSite Silver Member
 
Join Date: Aug 2002
Location: Hampton, Virginia
Posts: 2,457
YES, honesty is always the best policy.
God provides all I need IF..........I do what's right.
__________________
Scott

Ps 23:1-2
The LORD is my shepherd, I shall not be in want. He makes me lie down in GREEN PASTURES
Reply With Quote
  #6  
Old 04-29-2003, 10:48 PM
Meier Meier is offline
LawnSite Senior Member
 
Join Date: Mar 2003
Location: DFW
Posts: 269
You need to track EVERYTHING that's business related. Even if you plan to under-report your income (which I wouldn't advise) you need to have a legitimate set of business income/expense records.

If you plan to hide revenues from the IRS, etc...I'd recommend you keep two sets of records. One for the IRS in case they ever audit you and another set so that you know what your making.

If you don't keep track of every penny (whether reported to the IRS or not), how will you know how much money your making?

You need to know how much money your making, in my opinion.

Again, I would STRONGLY recommend against trying to pull any kind of BS with the IRS. From what I understand, you don't want those problems. If/when you eventually get, you could face very stiff fines, penalties and back taxes. Probably risk going to prison.

I report everything to the IRS.

Later,
DFW, TX
Reply With Quote
  #7  
Old 04-30-2003, 12:27 AM
Doogiegh Doogiegh is offline
LawnSite Senior Member
 
Join Date: Oct 2001
Location: Central N.J.
Posts: 874
One other thing

Yeah, blah blah blah IRS, prison, penalty etc... They are all hyped up and can and do happen.

BUT a real, totally UNDERESTIMATED problem is this:

Business is doing Very well. You decide to continue to grow and get a new piece of equipment. When you go for the loan, you put down your income. Well now, with your debts and truck payment and other loans all being paid on this little bit of income you "SAY" you make, you are denied for a loan. (Example, you make $35,000 a year but CLAIM to only make $27,000)... So now what do you do? Tell the loan person no really, you have more money and lied about the income? Or go buy some used piece of **** machine of which you are risking your entire business growth on? (Dependability, reliability)...

It is all a big cycle... Claim all the income, get bigger equipment and use it as a deduction at tax time so that you're not hurt... make more money, buy bigger equipment (trucks, crews etc), and make even more money.... one fist feeding the other.. Can't happen if you make the same $27,000 bogus income year after year after year....

Good luck,
Gary
Reply With Quote
  #8  
Old 04-30-2003, 05:37 PM
nu83 nu83 is offline
LawnSite Member
 
Join Date: Jan 2002
Location: omaha
Posts: 238
If you go to sell your business sometime down the road the value of your business will be hurt if you under claimed income.
Reply With Quote
  #9  
Old 04-30-2003, 09:01 PM
tiedeman's Avatar
tiedeman tiedeman is offline
LawnSite Fanatic
 
Join Date: Jan 2003
Location: earth
Posts: 8,753
yup, claim all income
Reply With Quote
  #10  
Old 04-30-2003, 09:12 PM
wriken's Avatar
wriken wriken is offline
LawnSite Silver Member
 
Join Date: Jul 2001
Location: Mid-Michigan
Posts: 2,161
yep even the nice green stuff
__________________
Wright's Lawn Service
285 S. Clare Ave.
Harrison, Mi. 48625
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump





Powered by vBulletin® Version 3.8.6
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Copyright ©1998 - 2012, LawnSite.comô - Moose River Media
All times are GMT -4. The time now is 09:58 AM.

Page generated in 0.10590 seconds with 7 queries