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Taxes for a first year solo guy

Discussion in 'Business Operations' started by gulfjoe, Dec 28, 2013.

  1. 32vld

    32vld LawnSite Gold Member
    Posts: 3,984

    There is nothing to confront. You give him the numbers. He does his job.

    Running a loss is not an automatic advantage. Problem is trying to plan tax strategy at the start of the first year in business when you do not know how much you will gross or need to spend.

  2. gulfjoe

    gulfjoe LawnSite Bronze Member
    Posts: 1,626

    That was my plan before the first post. Thanks
    Posted via Mobile Device

    Posts: 1,343

    If you plan on getting a good accountant . Interview them and make sure they do what's best and legal.
    Believe it or not accounting is a fairly competitive field. You do not want to go with someone who may make marginal decisions to make themselves look good and in turn give you relief you may in fact have not earned.
    Posted via Mobile Device
  4. Roger

    Roger LawnSite Fanatic
    Posts: 5,923

    This is a very good point. I learned an accountant to deal with tax work is not any accountant that does tax work. You need to work with somebody who deals and understands small businesses. Some accountants focus on other areas of accounting, and just don't have the right understanding for the kind of service you need. For example, somebody who deals primarily in corporate accounting for large businesses is not a good candidate. Likewise, somebody may deal primarily with non-profit organizations. Again, not a good candidate. They may be very well qualified for what they do, but out of their domain with small business. Any preliminary discussions should include talk of their profile of their clients.
  5. britsteroni

    britsteroni LawnSite Senior Member
    Posts: 334

    I will add to Roger's comment above as well as the others.

    Instead of dealing with an accountant that deals with "small businesses," I would even search further for someone who deals with service businesses. Keep going and you can look for someone who deals with contractors on a regular basis. If you want to drill down further, you could look for someone advising lawn care operators. Obviously lawn care isn't a profitable enough niche to have a "Lawncare CPA," but you should be getting the idea.

    Just like a lawn care biz owner who tries to be all things to all people and fails, it is difficult for a CPA to be competent in every area of tax law. So look for someone who can provide solid advice on how to structure your business, knows the difference between tax planning and tax preparation, offers year-round advice, and understands how all this will work together to help you run a profitable business and keep more money in your pocket.

    I know it is hard at the early stages, but don't look based on price alone. If you are in this for the long haul, you want to partner with someone you like and can trust and he/she will be helping you with major decisions that effect your entire life. Don't look for the most expensive guy in town, but also don't look for the cheapest.

    I'm a CPA and advise small service business owners for a living, so if you have any questions I'd be glad to try and help.
  6. whiffyspark

    whiffyspark LawnSite Fanatic
    Posts: 6,110

    Taxes aren't that hard to do if you're solo. I've been doing my own for a few weeks are now
    Posted via Mobile Device
  7. shane-pa

    shane-pa LawnSite Senior Member
    Posts: 337

    Taxes aren't that hard to do if you're solo. I've been doing my own for a few weeks are now

    Hard - no. but in the OP situation with multiple income and charitables and losses, I would advise to seek the help of an accountant. there are tricks to optimize deductions that the average solo business owner doesn't know. I have an associate degree in business admin. I do my own taxes but will not do somebody elses because I don't feel comfortable advising them.
  8. Roger

    Roger LawnSite Fanatic
    Posts: 5,923

  9. whiffyspark

    whiffyspark LawnSite Fanatic
    Posts: 6,110

    Posted via Mobile Device
  10. 32vld

    32vld LawnSite Gold Member
    Posts: 3,984

    I do not find it contradictory.

    He has some college business behind him. His taxes are simple.

    He will not do someone else's taxes because he knows his limits and that not everyone's taxes are as simple and straight forward as his own.

    I read the weeks to be a typo. He most likely meant years.

    I can get away without a CPA at this time. And my friends wife is an accountant. I could probably do my own taxes. Though I do not know how good of a job I would do. And she did not charge me.

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