Taxes? How?

Discussion in 'Business Operations' started by outrunjason, Jan 9, 2003.

  1. outrunjason

    outrunjason LawnSite Senior Member
    from dallas
    Posts: 703

    I need help. I need to know what steps I need to take to succesfully run my business. I have been doing this for a while but only part time and not legally.

    I registerd my business today. Now what do I do? I have done some searches but not much success.

    Here are my questions:
    1. Do I have to charge sales tax in Texas?
    2. If so, if the lawn is normally $25 a cut do I charge tax to that or reduce the price so that when I add tax it comes to $25.
    3. Then when I charge tax how do I keep up with that tax that I have charged so that I can pay it to the state at the end of the year?
    4. Lets say I make $2,500 one month. How much do I put back not in sales tax but tax myself that I have to pay like social security, and whatever else they take out for?

    I really need a CPA I guess since I know nothing but I am trying to save myself a lot of time since these are just basic questions.

    Thanks, Jason
     
  2. 1MajorTom

    1MajorTom Senior Moderator
    Posts: 6,074

  3. bruces

    bruces LawnSite Senior Member
    Posts: 648

    You said it. Get some professional help so that you do it right to start with. As far as sales tax, that varies by state.

    Find someone in your area to help you with income taxes and sales taxes.
     
  4. Russ

    Russ LawnSite Senior Member
    Posts: 539

    I just love taxes:
    Federal income taxes
    State income taxes
    County taxes
    Sales taxes
    Property taxes
    Personal property taxes
    Business property taxes
    Indiana workforce development taxes
    Excise taxes
    Medicare taxes
    FUTA taxes
    Social security taxes
    Gasoline taxes
    Road use taxes

    I think there all just great but it's when ya add em all up and see what you are getting for your money that I most apperciate the value of my legislatures.
     
  5. dhicks

    dhicks Member
    Posts: 771

    Russ here are a few more to add to OUR misery.

    Telephone(s)
    Cable
    Sell or purchase of real estate taxes and my favorite the double taxation on the sale of stocks and bonds.
     
  6. Rob T

    Rob T LawnSite Member
    Posts: 165

    As far as Sales tax goes, your best bet for keeping track of it is to get some accounting software and bill your clients regularly. Make sure you pay each month/quarter. don't put it off becuase it adds up quick and the penaltys for late/missed payments are STIFF!

    BTW, always ADD on the taxes to your regular charge. They are actualy the clients taxes, you just collect them for the state.
     

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