HELP! how to file taxes!!!

Discussion in 'Business Operations' started by 1brilord, Dec 18, 2004.

  1. 1brilord

    1brilord LawnSite Member
    Messages: 17

    I need help finding out how to file taxes next year. What is the tax%? This will be my first year to file. So give me all the tax write offs the works. Just want to understand how to save and how to file correctly. Any advice is greatly appreciated! :waving:
  2. j fisher

    j fisher LawnSite Senior Member
    Messages: 294

    Best advice is GET AN ACCOUNTANT! I assume you have kept records and receipts of income and exspenses. Get em together and take to your accountant. Don't forget things like cell ph expenses, home ph if you use it for business, and advertising costs etc. All of your fuel and vehicle expsenses, unless your deducting milage. If so, then you need your milage records. A good accountant will quiz you to be sure you getting everthing your entitled to. ( at least mine does)
  3. mbella

    mbella LawnSite Bronze Member
    Messages: 1,284

    Ditto. Get an accountant.
  4. out4now

    out4now LawnSite Bronze Member
    from AZ
    Messages: 1,796

    Hire a GOOD accountant.
  5. Soupy

    Soupy LawnSite Gold Member
    Messages: 3,125

    Ditto what everyone else said. I use Quickbooks and used their site to find a quickbooks qualified accountant. She charges me $120 and all I have to do is hand her a copy of my file (which has all income and expense recorded). I don't even need to see her, I drop the file off at my convenience and she calls or emails me with any questions pertaining to deductions I might be missing.

    She earns every bit of that $120. A good accountant will save you more money and time then if you would attempt it yourself.

    As for as deductions. Keep receipts for anything you spend that pertains to business. This means anything that you need or use that helps you in business. You can take your house payment or rent and deduct the percentage used to operate your business. For example, you can deduct your garage and the room your computer is in. You measure your house and deduct the sq. footage for these rooms to come up with a percentage of rent used for business. You can deduct your health insurance if you pay for that out of your pocket. The list goes on. Your accountant will help you with this.

    If you want to know how much to pay in to uncle sam quarterly they can help you with that too.
  6. muddstopper

    muddstopper LawnSite Silver Member
    Messages: 2,341

    This year is over so you will have to do the best you can, if you didnt keep good records your screwed. I would really consider buying some accounting software for next year. A lot here use Quick Books, I use Peachtree, there are several others availabile. Using this software will let you know at glance where your company stands at any given time of the year. Plus, most accountants can take your files and do your taxes for you a lot cheaer than they would if you just hand them a bunch of reciepts in a paper bag. When that is factored in your software doesnt cost as much as you thought it did. And the software is tax deductable.
    Another method I use to keep up with expenses is a company credit card. I buy everything for the business on the credit card. This way I get an itemized list of expenses each month. I have it set up so all I have to do is make a 800# phone call and the balance is deducted from the company checking account, I dont even need a stamp. This doesnt cost me anything as long as I dont carry a balance, which you dont want to do anyways. I keep a small limit on my credit card and if I need to make a major purchase, I just call in and make a payment that will cover my purchases. You definitly dont want to get in the habit of carrying a balance or going over the limit of the card. I have the ability to do electronic payments with my software but choose to write the checks instead to most of my vendors. I just dont trust computers enough to send payments over the web and my business computer isnt even hooked to a phone line. Of course we had a US Mail truck crash and burn here a couple of months ago and I got bit that way to. Another thing I dont do is use cash, reciepts get lost, at least with a check or credit card you still have a record of purchases.

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