Tax Question

Discussion in 'Business Operations' started by PORTER 05, Feb 5, 2008.

  1. PORTER 05

    PORTER 05 LawnSite Senior Member
    Posts: 642

    Hey guys,

    i own my own landscape contracting buinses and was wondering how you pay youre taxes.

    i was wondering if you guys pay youre taxes ever 3 months , or do it all in march or april and just shell out a huge check , or do it in march and arpil and just pay monthly payments or wat>?

    last season i did everything in april and payed it all at once , and this year i will be doing the same, but with rought #'s we have been going over i am going to have tio shell out a HUGE amount, wondering wat you guys do??

    plus wondering how much of a percentage you have to pay after exspences and labor?


    i payed 30% after exspences and labor last year.
     
  2. IN2MOWN

    IN2MOWN LawnSite Platinum Member
    Posts: 4,993

    Get an accountant...best money you will ever spend.
     
  3. MarcSmith

    MarcSmith LawnSite Fanatic
    Posts: 7,157

    best way to do it is pay estimated every quarter. but still get an accountant. asking on LS for tax info is like having your auto mechanic diagnose your heart condition. A good accountant is like a good mower and he will easily pay for himself each year.
     
  4. pclawncare

    pclawncare LawnSite Senior Member
    Posts: 991

    Speaking of taxes went to see my accountant i paid quarterly last year and i still owe alot. What a bummer. I think paying quarterly is eaiser just for me because its just a little every time not a huge chunk but turns out this year it was a little along and then a huge chunk also
     
  5. Roger

    Roger LawnSite Fanatic
    Posts: 5,927

    You may choose to pay annually, but you will also be paying late fees and penalties. You must not have been working with an accountant, or even a tax preparer in past years. They would never suggest you make an annual payment and be faced with penalties.

    The above posts offer very good advice -- get an accountant quick! I remember seeing other threads in this section on choosing an accountant. It is important to work with one who is familiar with small businesses. If you are a sole proprietor, then the person should be familiar with that business structure too.
     
  6. MarcSmith

    MarcSmith LawnSite Fanatic
    Posts: 7,157

    the key with estimated quarterly is to pay a little more than the estimate. this covers any growth you may have over the year.
     

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