Taxes ???

Discussion in 'Business Operations' started by ENDURO, May 1, 2006.

  1. ENDURO

    ENDURO LawnSite Member
    Posts: 64

    Anyone know of a good resource for educating me on what I should be keeping track of all year to make it easier at tax time. This is my 1st year in business and the only thing I am doing is saving all of my receipts in a shoe box. I feel that I am just smart enough (tax-wise) to know that I am NOT doing things correctly. I'm sure there are dozens of things I should be keeping track of like veh expenses, mileage, time, etc. Just not sure what Uncle Sam wants other than money.
    Thanks.
     
  2. rodfather

    rodfather LawnSite Fanatic
    Posts: 9,501

    Real simple..record everything that comes in and everything that goes out.
     
  3. Drew Gemma

    Drew Gemma LawnSite Bronze Member
    Posts: 1,510

    even easier just go all cash and show nothing? Just kidding!
    I use catagories and then break them into months.

    Fuel
    Food
    Clothes
    Advertising
    Intrest
    Repairs
    New equipment
    Insurance
    Workers Comp
    Health care
    COGS

    It goes on and on call your accountant and ask him how he would like it to be set up so he doesn't have to over charge you becasue everything is in a box!
     
  4. 6'7 330

    6'7 330 LawnSite Bronze Member
    Posts: 1,823

    Get an accountant, and you might think of investing in an accounting software program, like quickbooks.
     
  5. Roger

    Roger LawnSite Fanatic
    Posts: 5,927

    Ditto what 6'7 ... said. Quicken for Business may work fine, and is probably easier to set up. QuickBooks is very versatile, but takes some time to learn.
     
  6. JJLandscapes

    JJLandscapes LawnSite Senior Member
    Posts: 682

    get an accounant $200 to file personal taxes and $500 for business around here in NY .. and all they need is your bank account statements at the end of the year

    personally $500 is well worth it just for the headache and guaranteed they will save you alot more than $500 in your first year if he knows his head from his ass
     
  7. Geo777

    Geo777 LawnSite Member
    from Alabama
    Posts: 5

    I use quickbooks pro and have liked it. My accountant likes it also. I agree on recording what goes in and out. Quickbooks will help a lot. It also is great for invoicing your clients.
     

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