Will I have to submit taxes?

Discussion in 'Business Operations' started by waffletown20, Aug 23, 2006.

  1. waffletown20

    waffletown20 LawnSite Member
    from PA
    Posts: 100

    I'm looking to make my business Legit but I'm confused as to how to go about it. I figured out how to register my business however I'm not sure if I need to submit taxes. Is there a certain income that if you make lower than it that you don't pay any taxes? I make around 10,000 a year.
     
  2. tacoma200

    tacoma200 LawnSite Fanatic
    Posts: 5,426

    You have to file anyway. Keep up with you miles, expenses, fuel, equipment and you probably will pay little of any. Thats if $10,000 is your gross. You won't know what your profit is until you count up your expenses, etc.
     
  3. 6'7 330

    6'7 330 LawnSite Bronze Member
    Posts: 1,822

    I commend you for the decision to go legit.I'm assuming at this stage in you're business, you will more then likely file as a sole proprietor. On 10k you will have to file, and If you have a net profit after expenses, yes you will have self employment tax. If you're state has a state income tax,you will have state tax to pay as well.Then in following years if you're expected net profit is, I think it 1000$ or more you will have estimated taxes to pay.Get hooked with an accountant, he can advise you about you're situation.
     
  4. Mike33

    Mike33 LawnSite Bronze Member
    Posts: 1,649

    I commend you also you cant beat honesty, and looking over your shoulder is not good. Make sure you do it now since you just told the whole world you are working illegal.
    Mike
     
  5. SDNCLAWNCARE

    SDNCLAWNCARE LawnSite Member
    Posts: 232

    I filed my DBA and registered my LCO this year and haven't even done one job yet. I'm planning on hitting it hard next year, but wanted to be legit before the season started. Good Luck.. Pay with Cash

    SDNC Lawn and Landscaping
     

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