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Doing your tax!!!

Discussion in 'Business Operations' started by Victo, Jan 12, 2005.

  1. Victo

    Victo LawnSite Member
    Posts: 45

    I started my business in late Auguts last year but officially in October(Got my licence). I had only 5 customers when I started and by end of the year I had 25 customers. I did not have any capital and I bought my equptments using my credit cards. Basically, I did not make any money and I have around ($2000) loss to carry forward to this year.

    I am thinking of doing it by myself and I looked at the tax form 1040 in line thirteen or so to include schedule c for your business. I looked at the schedule C and I don't see where I should deduct all my expenses, e.g. Gas, Purchased of my equiptments and so on.

    Anybody here have done your tax before? Any idea or can some one send me a copy of your tax form (you can delete your personnel information). Just wanna get some ideas. Thanks.
  2. jimslawns

    jimslawns LawnSite Senior Member
    Posts: 283

    Please do not take offense. The best and most finaically sound thing to do is to get your CPA/account to help you. It is the best way to get the most out of your business and not to have to worry about somebody (IRS) to be interested in you payup
  3. Drew Gemma

    Drew Gemma LawnSite Bronze Member
    Posts: 1,510

    you need to surrond yourself with good ppl to be great so get a cpa he can dericiate equipment write off intrest and tell you what to do to earn a better return
  4. TSM

    TSM LawnSite Senior Member
    from MA
    Posts: 707

    i agree with the others. there is no substitute for personal interaction with an accountant. and hiring someone with this type of specific experience is the smart thing to do, my opinion. no different than us telling a homeowner that it is to their benefit to hire us to care for the overall health of their lawn, its what we do, we're experienced at it.

    with that being said, you can check out turbo tax filing software on their website for free.

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