taxes

Discussion in 'Florida Lawn Care Forum' started by williams lcm, Oct 4, 2013.

  1. williams lcm

    williams lcm LawnSite Bronze Member
    Posts: 1,030

    I have been having my father do my taxes since I started the business. Now he wants me to find someone who does small business taxes. He is retired and dose not want to do it anymore. What do you guys do? Do you do your own taxes or have a accountant? where should I look and what is an estimate on what it would cost.thanks
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  2. billslawn89

    billslawn89 LawnSite Bronze Member
    Posts: 1,364

    I use turbotax
     
  3. unkownfl

    unkownfl LawnSite Gold Member
    Posts: 3,838

    Sit down with an actual accountant. If you use quickbooks or keep good records and neat it won't be nearly as much as most think. It really depends on how your company is setup INC LLC partners etc. Then the Employee factor too.
     
  4. Landscape Poet

    Landscape Poet LawnSite Gold Member
    Posts: 3,638

    This is about right. It is not as hard as many make it out to be.
    1. Find a local accountant
    2. Keep track of All of your sales for the year
    3. Keep track of all of your expenses for the year ( a brief overview with your accountant will give you a idea of what is deductible and what is not so that you know how to organize and classify your expenses/ Anything you are not sure about you can classify as unknown and ask them during a meeting or with a simple phone call.)
    4. Meet with the accountant at years end to figure up where you numbers are.


    The above is the most simple of simple. For example if you are a sole prop...with no employees.

    If you are LLC with employees for example then you will be meeting more frequently with them, generally at least once a quarter to file your quarterlies.


    Prices will vary no different than lawn care, but it is similar in that there is going to be a min. charge no matter how much you do and the more services you have them perform the more you are going to be charged.

    Example for me ...I pay $100 for her to file my quarterly
    She then charges me I think in the neighborhood of $600 to $700 for my annual taxes. This includes my personal taxes as well. What does she do for prep.....she has me bring in a statement from my accounting/lawn program which shows my gross for the year for all services performed. She then has me bring in three list that I have for expenses. Items that I know from previous years that are 100% for sure deductible, Items that I know from previously years are not deductible, and finally a list of expenses of that I am not sure if they are deductible or not. From there she ask me routine questions like if I bought any new equipment for the business, if so the cost, how long is it expected to last , she reviews a list of items and questions to ensure I indeed capture every deduction that is legal. She then proceeds to perform all the paper work and calls me when it is ready. I come in and sign where she has put the tabs ....review the info with her and write the check. She then seals it all up and sends it off.

    What is required of me at that price is keeping accurate sales log, keeping all receipts and keeping a organized list of expenses as stated above. She puts everything else together from there. If you want someone to go through and organize and add all your receipts and balance off your bank statement etc etc and you do nothing but do the actual work part...it will be a totally differnent ball park of cost no different than "mow and Blow compared to full service"
     
  5. Landscape Poet

    Landscape Poet LawnSite Gold Member
    Posts: 3,638

    By the way if you are interested I can put you in contact with the Accountant I use. Just give me a call or P.M me
     
  6. williams lcm

    williams lcm LawnSite Bronze Member
    Posts: 1,030

    Thanks. lp. Gonna try to find a place close to home. Less driving that way. Thanks for the offer
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