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question on taxes

Discussion in 'Starting a Lawn Care Business' started by JJLandscapes, Mar 3, 2006.

  1. JJLandscapes

    JJLandscapes LawnSite Senior Member
    Posts: 682

    just legalized my company and i was told that end of the year when i pay taxes for the company its going to be about 30% of the profits that the corporation pulls in? Is that tru or is it 30% of money you pull out on paychecks and considered "salary"

    obviously every state is different but does that sounds right
  2. daveintoledo

    daveintoledo LawnSite Silver Member
    Posts: 2,587

    im no tax expert, but if your a sole proproator, expect to pay 25% of all income taken in,,,,, now there are deductions that will take that down some, its being self employed, if you incorporate i guess it is alot less.... but like i said i am NO tax expert

    thats federal not state

    PMLAWN LawnSite Gold Member
    Posts: 3,535

    Call an accountant. They do not tell people how to cut grass. We should not tell people how to do taxes. Accountants do not cost money-- they save money. They can tell you how to set up your business. Happy 1st year

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