taxes for the beginner

Discussion in 'Business Operations' started by stslawncare, Sep 25, 2001.

  1. stslawncare

    stslawncare LawnSite Bronze Member
    from DE
    Posts: 1,484

    hey guys, i know i probably have a year or so before i have to worry about this but then again maybe not. i have very little knowledge about the whole tax deal. can someone explain it? how does it work? how often? i guess a percentage of my profit i pay? how does the getting money back work? how do i figure out how much? i know nothing.
     
  2. plow kid

    plow kid Banned
    Posts: 516

    You never get any money back!!!! [​IMG]
     
  3. Rooster

    Rooster LawnSite Senior Member
    Posts: 460

    scottie,

    The best advice I can give you is to talk to an account or tax attorney.


    Rick
     
  4. Easy, call your parents accountant. They will have to set it up for you anyways.

    LGF:blob1:
     
  5. That's a true statement! When you do get money back, normaly the money is credited to the following years estimated Fed and State taxes.

    You should check with an accountant first. I would go this route the first couple of years to see how it's done. One thing for sure, you will remember these dates: apr 15th, jun 15th sep15th and jan 15th. These are the days that your 1\4 estimates are due. I hate the first one, both tax from last year and new year is due.
    John
     
  6. MATTHEW

    MATTHEW LawnSite Senior Member
    from NE OHIO
    Posts: 665

    Wrong, plowkid! In my first 2 years, I had such a loss that I got a government check for over $2,000.00!!! Not only did I pay no fed taxes, but I actually got money back because of my losses! I could not believe it either, but it is true! I think you can save yourself a ton of money if you get the business tax book from the IRS and just read it. You need a good tax preparer, also. You can expect to pay them a couple of hundred dollars ONCE a year, but it beats $120.00 a month for a CPA!;)
     

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