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I know this is one of those no one wants to answer but....

F150LawnGuy95

LawnSite Senior Member
i just finalized my income statement for the year. I am in TN so luckily no state income tax(we prefer to pay insane sales tax on everyting lol). What do you all think my tax liability would be? I just did a direct write off on all uncollectable revenue even though i am not sure if that is the proper way to do it. I know its not much but it was really a better year then it looks like on paper i mean I am a full time student too so give me a break lol.

Expense Summary 2009 Revenue 2009
Equipment Expense $3,907.96 $17,052.50
Rent Expense $600
Supplies Expense $621.18
Miscellaneous Expense $723.97
Repair/Maintenance Expense(Equipment) $393.79
Marketing Expense $266.00
Mileage 1183
Total Monetary Expenses $6,512.90

Income Statement 2009
Revenue $17,052.50
Subtract Expenses
Equipment Expense $3,907.96
Rent Expense $600
Supplies Expense $621.18
Miscellaneous Expense $723.97
Repair/Maintenance Expense(Equipment) $393.79
Marketing Expense $266.00
Income Before Taxes $10,539.60
Mileage 1183
Tax Liability ?
Income After Taxes
 

topsites

LawnSite Fanatic
Man...

You're way better off paying for this program called Turbo Tax, it's worth every penny
because even thou those numbers look pretty good from my end unfortunately I still
haven't a clue what someone at the IRS might think or what the tax liability would be.

So, get Turbo Tax. :p
 
Last edited:

Richard Martin

LawnSite Fanatic
Location
Greenville, NC
You may have to pay 15.3% of adjusted gross income for SS taxes. http://www.irs.gov/businesses/small/article/0,,id=98846,00.html#3

You may be eligible for a refund above and beyond anything that you've already paid. If that is the case then your SS taxes will be taken out of that refund. You would still owe any difference, if any. You may be eligible for an actual refund.

Beyond that the tax structure is so complicated that I can't figure it out.

Do your parents claim you on their taxes?

It's impossible to know what you'll get for a refund or if you owe without running the numbers.
 
OP
F

F150LawnGuy95

LawnSite Senior Member
I appreciate the help everyone. It doesn't look like it will be too bad. I am figuring about 1400, but i am getting like a 1700 dollar tax credit from school so i should have plenty of capital to keep it going in 2010! yea my mom claims me as a dependant.
 

joel29m

LawnSite Senior Member
Location
p ville, la
Man...

You're way better off paying for this program called Turbo Tax, it's worth every penny
because even thou those numbers look pretty good from my end unfortunately I still
haven't a clue what someone at the IRS might think or what the tax liability would be.

So, get Turbo Tax. :p
yes, turbo tax. refund was a part-time paycheck, but at least i didnt owe, next year i cant say the same.....
 

TMlawncare

LawnSite Bronze Member
Location
nw missouri
I would agree with the above estimates. It looks like self employment tax will be around $1500. Looks like federal tax would be minimal.
 

Shegardi

LawnSite Member
Location
Ohio
I'm new on this site, but I can tell you I have used Turbo Tax for years and it always realizes write offs I didn't know about
 
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