how do you make out at tax time?

Discussion in 'General Industry Discussions' started by gosselin142258, Jun 15, 2008.

  1. gosselin142258

    gosselin142258 LawnSite Member
    from Mass
    Posts: 74

    So i was j/ going over some reciepts and whatnot seeing it's 1/2 way through the year. I was wondering how you guys do at tax time. I work a 40hr job and run my business on the off hours also I'm a sole propietor so I know whatever im at a loss in my business for I won't pay out to federal correct? I was wondering if i'll still get a tax return or if I'll still get crap because I do have a business.
     
  2. topsites

    topsites LawnSite Fanatic
    Posts: 21,653

    You'll want to get in touch with an accountant, a cpa.
     
  3. PerfectEarth

    PerfectEarth LawnSite Bronze Member
    Posts: 1,734

    Wow... yea, you need an accountant badly. I have somewhat of a similar situation (job with withholding and my business) and it gets tricky with your taxes. I'm mailing off my quarterly state and federal payment tomorrow.
     
  4. gosselin142258

    gosselin142258 LawnSite Member
    from Mass
    Posts: 74

    i don't do quarterly i do 1 time taxes and also i dont have employees it's j/me
     
  5. Lawn-Sharks

    Lawn-Sharks LawnSite Senior Member
    Posts: 912

    bump.........
     
  6. Roger

    Roger LawnSite Fanatic
    Posts: 5,927

    I think you need to be prepared to pay penalties.
     
  7. gosselin142258

    gosselin142258 LawnSite Member
    from Mass
    Posts: 74

    That's weird you say that. I contacted my accountant who does my regular returns from my full time job and he said j/ save all my reciepts and have invoices for jobs I do and a bank statement from my business account. I dont know if I specified but this is my first year in business. I calculated about 6k in losses thus far. I have 3 years to be in the red before I get classed as a hobby. I don't know. J/ what my accountant mentioned. as stated I do also worka full time job. and I will not be in the green or gray this year from a business stand point.
     
  8. Roger

    Roger LawnSite Fanatic
    Posts: 5,927

    Sorry, ... my statement is probably not correct. If you are working a full-time job, then taxes are being withheld from every paycheck, right? And, since you just getting started, and are not expecting any net income, then additional tax payments would not be necessary. Your "one time" statement is undoubtedly your annual reconciliation, the difference between what you owe, and what you have paid during the taxable year.
     
  9. gene gls

    gene gls LawnSite Gold Member
    Posts: 3,213

    I used H+R Block when I first started because I knew the lady that owned the business. A friend insisted that I get a good CPA. I did and he went over my account and strightened it out. H+R Block bent me over. My CPA saves me a few thousand every year. Worth every penny I pay him.
     
  10. gosselin142258

    gosselin142258 LawnSite Member
    from Mass
    Posts: 74

    Roger, Your statement is probably correct for someone who is self employed and runs their business full time. I am not in a position to do that right now due to health insurance reasons. I live in mass and health insurance is now mandatory. My full time job offers me that so unfortunately i'm limited to part time landscaping. I am however planning to get married in august of 2009 and at that point I will be able to go on my Wifes health insurance. But anyhow I am in my first year and I do have a full time job and I will surely be at a loss this year with my new business.
     

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