Tax Question

Discussion in 'Business Operations' started by RollTide11, Apr 27, 2008.

  1. RollTide11

    RollTide11 LawnSite Member
    Posts: 83

    How do you pay taxes your taxes to the IRS. I have an EIN # and everything but I still haven't talked to a lawyer. I'm just trying to get an idea.
     
  2. RollTide11

    RollTide11 LawnSite Member
    Posts: 83

    Accountant I meant
     
  3. lawnspecialties

    lawnspecialties LawnSite Silver Member
    Posts: 2,513

    My CPA tells me when and how much.
     
  4. PerfectEarth

    PerfectEarth LawnSite Bronze Member
    Posts: 1,734

    Get an accountant and pay quarterly.
     
  5. LwnmwrMan22

    LwnmwrMan22 LawnSite Platinum Member
    Posts: 4,372

    Either pay quarterly, or pay at the end of the year.

    If you pay at the end of the year, it's a small fine and 1.5% per month interest on your money owed.

    If it looks like you need the money at the end of the quarter and need cash flow, don't sweat it too much, you'll get billed for it as long as you file a return, and again have to pay a small fine ($100 +/-) and interest, which is much less than taking out a bank loan or running it on a credit card.
     
  6. jaybird24

    jaybird24 LawnSite Senior Member
    from midwest
    Posts: 623

    Witholding taxes? Look into Paychex, or Quick books payroll if you run quick books. We have used it for 4 years now and well worth it. It costs us like $56 per month and all taxes, I mean all, are taken out of each paycheck, they hold them in an account, file all paperwork, and make all payments when each is due. If something gets screwed up they pay any penalties them selves. We have never had any problems what so ever, our accountant got us turned on to it because he said it would be cheaper than him doing it. We just enter each employees hours or salary and it is electronically sent. You either print the paycheck 2 minutes later, or can have it direct deposited. Even as a solo operator you could do this, it's easier knowing the tax is already paid than coming up with it every quarter, seems it always gets spent if it's just sitting there.
     

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