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Tax Question

Discussion in 'Starting a Lawn Care Business' started by NonStop, Feb 11, 2007.

  1. NonStop

    NonStop LawnSite Member
    Posts: 73

    I'll try to make this short and sweet.

    I started my business in June of last year. I am a sole propietor. I had a full time job before that. I don't have a cpa. I would like to purchase software to file my taxes myself. Will Turbotax Business for Schedule C have what I need? Or do I need to buy the individual version for this year too? Thanks.

  2. Patriot Services

    Patriot Services LawnSite Fanatic
    Posts: 12,887

    Use H and R Block online 19.95. It is as easy as answering questions. Does all the separate schedules for you and you will even let you file online. When you go to do next years it will even import this years data for you. I have used it for 5 years running. When you are sole prop with or without a PT job you don't need a CPA. Use a Dome book from Office Depot to keep track during the year. Get a mileage log too. IRS accepts both as accounting tools if you ever get audited. I speak from experience. Great outcome with the IRS by the way.:usflag: :usflag: :usflag:
    ericg likes this.
  3. echeandia

    echeandia LawnSite Bronze Member
    Posts: 1,131

  4. lawnpro724

    lawnpro724 LawnSite Silver Member
    Posts: 2,201

    If nothing else just go into H&R block to get your taxes done. If your going to be in business for awhile I would suggest getting a accountant.
  5. Prestige-Lawncare

    Prestige-Lawncare LawnSite Senior Member
    Posts: 753

    I have always used Turbo Tax for my personal taxes up to this year, as I had a full time career in the corporate world. The part-time in the lawn care was easy to work into my tax situation. This year (2007) I will have half a year at the corporate job, and half a year full time LCO .. so it may be different next year when I file.

    As I said ... I used Turbo Tax, but this year I went with H & R's Tax Cut because it was cheaper. Though both do the same thing ... I like the Turbo Tax much better. It is so much more user friendly hands down. Tax Cut will get me the same results ... but it is more time consuming.

    I prefer buying the software on CD and loading it on my computer ... therefore having my info on MY computer rather then someone else's server. Also ... my oldest daughter can do her taxes on my computer as well.

    Like I said ... next year my be totally different for me ... I'll have half a year full time as an LLC ... will have sales of stock options from leaving the corporate world ... and have the worry of my truck, and how to write it off ... my equipment, etc ... etc.
  6. Clear-Cut

    Clear-Cut LawnSite Senior Member
    Posts: 481

    how much does h&R charge if you go into them to have them personally do your taxes?
  7. MTMoose

    MTMoose LawnSite Member
    Posts: 5

    Hey prestige, if you want to write your truck off and all the expenses that go with it do not register it under your business name. Keep it under your name and lease it to the company. Lease your business the truck in return for it making the vehicle and insurance payments, as well as the fuel and maintenance. This way it becomes a business expense. If the business owns the vehicle, you can only write off the interest and insurance. Than you have to choose between writing off mileage or fuel. You are also in the position of having to ammortize your vehicles worth over it's expected life.
  8. Ford Guy

    Ford Guy LawnSite Member
    Posts: 36

    I've been in the business on my own for 4 years now and i just prepare all the information for the year on a spreadsheet and take it to H & R Block. They charged me $144, but it was going to cost me $70 to purchase software to do it myself. so it's kind of a no brainer, i'd rather spend the extra $74 to have a professional do it.
  9. Prestige-Lawncare

    Prestige-Lawncare LawnSite Senior Member
    Posts: 753

    Does it have to be legally leased to my business .. by that I mean does there have to be some written agreement stating that the truck is owned by me, but there is a lease to the company?
  10. NonStop

    NonStop LawnSite Member
    Posts: 73

    Very good info on here. Thanks guys...

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