The Tax Man Cometh....

Discussion in 'Business Operations' started by impactlandscaping, Jan 26, 2004.

  1. impactlandscaping

    impactlandscaping LawnSite Silver Member
    Posts: 2,332

    Getting the last bit of paperwork ready to take to my accountant, and holding my breath.As long as I don't owe as much as last year, I'll be a happy camper. Anyone already have your taxes filed for '03? We had a really great year, and looking for an even better one this year. I just have a feeling I'm going to need a few double scotches when I go in later this week. Is it spring yet?

    <a href='http://www.smileycentral.com/?partner=ZSzeb008' target='_blank'><img src='http://smileys.smileycentral.com/cat/3/3_2_4.gif' border=0></a>I owe how much??<a href='http://www.smileycentral.com/?partner=ZSzeb008' target='_blank'><img src='http://smileys.smileycentral.com/cat/15/15_6_1.gif' border=0></a>
     
  2. MOW ED

    MOW ED LawnSite Fanatic
    Posts: 5,028

    I'm sort of dreading it myself. I know what happened last year and it will happen again this year. Gonna have to increase deductions. That double
    scotch is soundin good.
     
  3. rodfather

    rodfather LawnSite Fanatic
    Posts: 9,501

    If you are doing this full time, why don't you try doing estimated quarterlies. You accountant can get that started for you for 2004. That's what I do and avoid the big surprise. Doing it this way will also help you to avoid penalites and interest too.
     
  4. Blessed 1

    Blessed 1 LawnSite Senior Member
    Posts: 516

    Ahhhh........ the benifits of working a full time job and cutting part time. I got a refund of 9k.
     
  5. olderthandirt

    olderthandirt LawnSite Platinum Member
    from here
    Posts: 4,900

    I already took mine in and he said I ought declare bankruptcy with the few pennies I made. LOL
    No I knew I would get hit so went on a spending spree last fall.

    Mac
     
  6. Fantasy Lawns

    Fantasy Lawns LawnSite Bronze Member
    Posts: 1,913

    Sent my stuff in last Friday .... must have been $5 in stamps .... nothing to pay n nothing to get (from the inc. side of the income)
     
  7. Jimbo

    Jimbo LawnSite Bronze Member
    Posts: 1,093

    Oh it will be a wonderful tax season for me. My previous accountant has really screwed some things up for me and my company. I had to dump him and find a new CPA who can help me deal with the IRS.
    The new guy charges $90.00 per hour, but its worth it to get things fixed. He said he will need to redo company 2002, and personal 2002 returns. Obviously he will also need to do 2003 returns. Thats a total of 4 returns in one year. Looks like I will be cash poor heading into 2004.


    Please take my advice and get the best CPA you can.

    Jimbo
     
  8. impactlandscaping

    impactlandscaping LawnSite Silver Member
    Posts: 2,332

    I do estimated pmts Rod. There's always a little surprise at the end of the year , though. Last year after making my est qrtrlies, I still owed 2K to the feds.It was due to a clerical error on my wifes deductions at work. I put a good bit of money back into the biz this year with a truck , new hydroseeder, mowers,etc. ,and a new Roth IRA at the last minute so I should be OK. But once you've been stung, you are leery of the beehive.I have a great accountant who takes his time to get me every deduction possible.Best part is his fees are deductible as well, so it's worth $ 80.00 an hour.He doesn't question my prices, and I don't question his..good luck to everyone this year!

    <a href='http://www.smileycentral.com/?partner=ZSzeb008' target='_blank'><img src='http://smileys.smileycentral.com/cat/20_3_6.gif' border=0></a>
     
  9. Kelly's Landscaping

    Kelly's Landscaping LawnSite Platinum Member
    Posts: 4,414

    I wont have the money to pay them to april any way so the 15th shall be my file date the 14th is looking like a good day to do them hehehehe. How ever in truth I think my deductions will be more then my income as equipment costs and trucks are close to 100 k this season.
     
  10. missytheaccountant

    missytheaccountant LawnSite Member
    from Bama
    Posts: 45

    Well, I'm not a tax man, but I guess you could call me a tax woman. I have to be honest with you guys, but we hate to see ya'lls stuff come in about as bad as you hate to send it. We work over 60 hours a week this time of the year.....and only have Sundays off (well that's with the firm I work with). Just remember....accountants have to pay taxes just like everyone else and they dislike Uncle Sam as much if not more than everyone else!! Good luck.....and the tax estimate thing was a good idea for the person that beat me to that suggestion.
     

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