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Fees and Taxes HELP

DMLawnCare

LawnSite Member
Location
Western Ny
My Friend and i had seperate businesses last year just little part time jobs off the books. Bad I know. This year we want to combine forces and we want to go on the books, all legal with insurance. But we can't get a straight answer out of anyone on what we need to get and the fees and taxes we will need to pay keep in mind were both only 17. But we want to do things right we live in western N.Y. any information will be appreciated
 

lawnGUYnMD

LawnSite Member
Location
Port Tobacco, MD
I believe that you have to be 18 to sign contracts and some states have laws that say you have to be 21 to operate comm. equipment and I think OSHA has laws like that too. Talk to a accountant and they will let you know all the details and stuff that you will have to go thru. Good luck,
 

MacLawnCo

LawnSite Bronze Member
what specifically do you want to know?
 

allstar

LawnSite Senior Member
Location
Lexington,S.C.
Just a little advice from someone alot older than you,DM.Many years ago,when I first went into business by myself(not landscaping but something else),I was totally unaware of my responsibilities and obligations as far as business taxes were concerned.In a realtively short amount of time I ran up a tax bill to Uncle Sam of over $100,000 which took me over a decade to pay.I had noone to blame but myself because I didn't sit down with an accountant and have these things explained to me.
So get a good accountant to explain the tax laws to you.You can also call the IRS directly any time you have questions, and it's free.Good luck!
 


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