Taxes?

Discussion in 'Business Operations' started by WHIPPLE5.7, Apr 16, 2007.

  1. WHIPPLE5.7

    WHIPPLE5.7 LawnSite Senior Member
    Posts: 958

    I'm spending this whole year aquiring the equipment I want for my lawn care business while working at my regular job. I plan on going full time with the lawn care next year and want to know how I should do my taxes. I've always done lawn care on the side but never been registered or insured or payed taxes because my work was so little a year because of my other job. I figured I'd just save all might reciepts and hand them over to the accountant and tell him what I've been up to. I s this how it goes? Can I combine my 2 trucks insurance into just one business ins. policy for a lower cost?
     
  2. WHIPPLE5.7

    WHIPPLE5.7 LawnSite Senior Member
    Posts: 958

    Someone has got to know?
     
  3. gene gls

    gene gls LawnSite Gold Member
    Posts: 3,213

    #1, Talk to your insurance agent. Tell them what you are planing, they will tell you what you need for ins.

    # 2, Find a good CPA that is recomended by others in a business. They can set you up with the proper paper work.
     
  4. TSG

    TSG LawnSite Senior Member
    Posts: 444

    As far as taking your expense......
    You can put your equipment into service anytime.
    It is usually good to do it to offset income.
    You need to ask your acct
    if it is better to depreciate it or section 179
    I did section 179 ( lump sum) for personal reasons,,,,,,good tax planning
    is imparitive
    And look into commercial policies,,,,,many personal policies agents will
    tell you you can upgrade,,,,,,,If they don't do commercial lines,,,,don't deal with them.
    Just .02
    Alan
     
  5. haybaler

    haybaler LawnSite Senior Member
    from ma
    Posts: 511

    find a good tax guy to get you started and once your rolling you can do it yourself with turbo tax. there's so many tax benifets for start ups. any of your own money you put into even thinking about the business you can deduct for start up cost. You can lose money on your lawn care startup the first year and put that loss towards your 1040 for your regular job or any other income.
     

Share This Page