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How much removed and sat aside for taxes?

Discussion in 'Lawn Mowing' started by syzer, Feb 8, 2001.

  1. syzer

    syzer LawnSite Bronze Member
    Posts: 1,266

    Havent seen much in the searches I have done, and dont feel like digging all evening. What do you guys sit aside each week, month, quarter, etc. for uncle sam? I am trying to venture on my own and need to make sure I can afford it first.


    Precision Landscaping
  2. SodFather

    SodFather LawnSite Member
    Posts: 62

    I just give my accountant my Montly deposits and he figures it out. Most of the time 8% on the side.
  3. SummitFarmer

    SummitFarmer LawnSite Member
    Posts: 76

    Agreed have your accountant figure it out or give you some idea. I would try to err on the "too much" side however, that way you will hopefully avoid any penalties. A lot of the business magazine web sites have sections for "small business". They are LCO specific but give you a good general view on things like taxes, marketing management etc.


    Take it light....

    Summit Farmer
  4. awm

    awm LawnSite Gold Member
    Posts: 3,354

    I go along with these other guys.Most everybody
    I know does it this way.huh guys
  5. Cleve

    Cleve LawnSite Senior Member
    Male, from Rockmart, GA
    Posts: 398

    Just some suggestions but, If you now have another job, start taking out extra from your payroll check NOW. And make sure that you document everything purchased, miles traveled, and anything else necessary for the lawn business. If done carefully and accurately you might not have to pay a chunk when doing the taxes next year. Keep lots of paperwork and file it carefully so that you can access it when necessary a year (or many years) down the road.
    Just my .02 worth.
  6. TJLC

    TJLC LawnSite Bronze Member
    Posts: 1,308

    I don't set anything aside. I just write a check for the amount my accountant tells me. I put so much each month in checking and so much in savings. I draw out what I need, as the need arises.

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