Tax help!

Discussion in 'Starting a Lawn Care Business' started by Trucklover, May 17, 2011.

  1. Trucklover

    Trucklover LawnSite Member
    from MD
    Posts: 90

    I just set up my LLC and got my insurace..... now comes the hard part Taxes :usflag: . My first question is should I do the taxes my self or have a company to do it? Also how often do you guys file quarterly or annually? Im only 18 so any advice would help me out a lot! -Thanks
     
  2. Flatop

    Flatop LawnSite Member
    Posts: 236

    Hire a CPA and make sure you keep keep all receipts, expenses, mileage, fuel, etc. I prefer to do my taxes quarterly. I will be going LLC beginning of 2012.
     
  3. Jay Ray

    Jay Ray LawnSite Fanatic
    Posts: 6,510

    You have to file estimated taxes quarterly and the next installment is due June 15th.
     
  4. Smallaxe

    Smallaxe LawnSite Fanatic
    Posts: 10,081

    Try to get a rough estimate of your taxable gross income and send in 15.3% of that amount quarterly... That should get you in the ballpark for Federal anyways... Don't forget Sales Tax and State Income Tax... Sales tax can be done on the internet, here in Wisco from our DOR site... Have fun... :)
     
  5. DavesLL

    DavesLL LawnSite Member
    Posts: 48

    Best thing would be to check around your local area for a CPA or other small mom-and-pop type accounting firm. Make some calls and inquire about rates; pick someone and roll in. Bring your records and whatever you've managed to maintain in the way of books.

    They will organize your accounting data properly, and if they're good they'll ask you some questions about what you think / have projected your rest of the year to look like income wise. Then they should be able to advise you how to plan your finances. Don't be afraid to ask questions; you're paying them for their help.

    If you don't want or need your records fixed up, then you can probably pay less by simply going to a tax office (HR Block, Jackson Hewitt, etc...) and sitting down for an hour or two to ask and have questions answered. Now that it's past tax-season, a lot of the folks who'll be manning these offices right now will be accountants anyway. If you go this route, be prepared with your finances to-date, and what you're projecting assuming the rest of the year goes as you expect.
     
  6. chapandrew6

    chapandrew6 LawnSite Member
    Posts: 35

    I thought that even with an LLC you dont need a service vendor license and can just pay your taxes at the end of the year. I havent got my LLC but the CPA i spoke to said i could just pay yearly
     
  7. Texas Lawn

    Texas Lawn LawnSite Senior Member
    Posts: 262

    My advice is to do some research and educate yourself. I would still reccommend a CPA but it is always good to know that stuff, especially being young. I have a CPA do all my stuff but still took lots of accounting courses so I can atleast understand what is going on, even if Im not doing ut
     

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