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Tax Questions???

Discussion in 'Starting a Lawn Care Business' started by BBallkid42, Jan 13, 2012.

  1. BBallkid42

    BBallkid42 LawnSite Member
    Posts: 118

    Established solo op business for about 5 years now looking to get insurance and become a legal company. Some questions are:
    1. How do you budget your personal taxes and business taxes? Do you just plan out how much you'll have to pay or do you get a notice from the state and federal govt?
    2. I only do lawn care and landscaping right now so as far as becoming a legal company what do I need to obtain?
    3. How do I go about writing things off as business expenses so they are tax deductible?

    Any more advice or info. I should know would be great!!
    Thanks
     
  2. BeachysLawn

    BeachysLawn LawnSite Senior Member
    from VA
    Posts: 271

    Some things you can learn from a forum and some you need to from a professional. Those are questions you need to ask an accountant.
     
  3. mowing4rlife

    mowing4rlife LawnSite Member
    Posts: 240

    I agree with going to a Certified Public Accountant (CPA). Don't go to H&R Block. SAVE all recepits for every expense you make for the business.
     
  4. ralph02813

    ralph02813 LawnSite Bronze Member
    Posts: 1,041

    The advice you have so far is great, I would add, get yourself a good bookkeeping program that has the ability to grow with you I am used quickbooks and have used it for years. For cash flow purposed, I do my taxes quarterly, If you become an LLC your writeoffs become much clearer and you can put money away for retirement with pretax dollars.
    Quickbooks will do your payroll, inventory and produce all the reports any cpa will need to do your books.
    Go on line to quickbooks.com and start their, there are qb experts all over the country and most are either bookkeepers or cpas
     
  5. Smallaxe

    Smallaxe LawnSite Fanatic
    Posts: 10,081

    15.3% of your gross earnings gets sent in quarterly with Form 1040-ES voucher... During the height of your season add to that amount, the lowest tax bracket amount like 15%. Very simple math, and very easily computed from your Sales Tax sheet...

    Or estimate your tax liabilty and divide by 4... Problem with that is: How can you know if you haven't been legal yet?
    Not making any estimate payments is foolish, becuz taxes come due during our leanest times...
     

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