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Discussion in 'Starting a Lawn Care Business' started by cutman2000, Aug 8, 2012.
What's everyone's fiscal year? I've decided Dec.31
I decided June 30th for my business, that way I don't have to deal with both at the same time. BTW my business is a C corp.
For taxes ,it's still Jan 1st to Dec31st.
Not if you are a C Corp, my taxes are figured from July 1 to June 30, and filed by September each year. If you are an S Corp, LLC, Partnership, etc. then it is Jan 1 to Dec 31 (I think) and filed by April each year. All depends on how you set it up to start with. I also don't file a 1040 for the business, I file an 1120. Best bet is to talk to an accountant IMHO
I didn't know that
True enough. Problem I get into is when some companies send out a 1099 and their annual and my annual do not match.
I asked my accountant about that very thing, he said not to worry about it, it happens to a lot of companies, and the IRS knows it, so I don't worry about it. That is why I pay my accountant big bucks, so I don't have to worry about the tax stuff, I can just concentrate on my work.
I pretty much do all my own accounting on Quickbooks now. I have used accountants in the past. After about 7 years I think I have it down pretty well.
Are you saying everyone has the same fiscal year?