shocked at taxes i owe

Discussion in 'Business Operations' started by jbob, Mar 25, 2004.

  1. jbob

    jbob LawnSite Member
    Posts: 54

    had a buddy come by and help with my taxes. he has turbo tax loaded on lap top puter. so we where going to do taxes on it then i was going to have it checked by pro. figured this would save me a few $. 2003 was my 1st year in business and i had all my equipment purchases which i figured would cove me but i am having to use fast depreciation to get taxes down.
     
  2. TheKingNJ

    TheKingNJ LawnSite Senior Member
    Posts: 781

    This year i owe 469 buck. It sucks
     
  3. LB Landscaping

    LB Landscaping LawnSite Bronze Member
    from Maine
    Posts: 1,309

    I only owed 76 bucks!!!!!
     
  4. MLI

    MLI LawnSite Senior Member
    from Ma
    Posts: 464

    owe taxes?!.....not a bad thing!.....means your making money!!:cool:
     
  5. turfcare

    turfcare LawnSite Senior Member
    Posts: 276

    I ended showing where I broke even. It won't be that way this year though. I am solo and it turned out better than I ever imagined. Advice: Keep up with ALL your mileage. It will help you out.
     
  6. jsaunders

    jsaunders LawnSite Bronze Member
    Posts: 1,781

    I ended up paying in $4300 this year, it was a good year for uncle sam:mad:
     
  7. LB Landscaping

    LB Landscaping LawnSite Bronze Member
    from Maine
    Posts: 1,309

  8. twins_lawn_care

    twins_lawn_care LawnSite Senior Member
    Posts: 932

    Broke just under even this first year, so taxes did not make too much of a difference. This year, we hope to turn more of a profit, but also upgrade to larger equipment. Like stated before, if you're paying taxes, you're making money.
    Hopefully it will be a good year for me and Sam!
     
  9. bugspit

    bugspit LawnSite Senior Member
    Posts: 769

    Another subject that gets under the skin.

    If you hate the IRS and paying taxes, and wish you had more of your earned money, there is a better way.
    Check this site out, it's something that is getting some attention and gaining momentum.

    http://www.fairtax.org/
     
  10. jt5019

    jt5019 LawnSite Bronze Member
    Posts: 1,432

    I try to think about my taxes a little as possible ,it just gets me mad when i see the numbers
     

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