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Method's for filing income tax.

Discussion in 'Business Operations' started by rob640, Jan 20, 2011.

  1. rob640

    rob640 LawnSite Member
    Messages: 167

    Just curious on the methods you guys use to file income taxes. This will be my first year and well... lets just say i wish i bought more stuff.. I did a trial run on my taxes without actually submitting it, being my first year having to file my business i felt i should take it to someone, so i did.. i decided to go with a big income tax filing company that i wont name.. after speaking with a cpa earlier in the year and also speaking with the owner of the tax comp. i felt the tax comp would provide the same service for a cheaper price. (She gave me the same details as the cpa)

    This Tuesday i took all my info from my business, as well as personal w2's to the owner of the tax comp.. everything categorized and very well organized.. she basically just had to key in the numbers i already figured. So 30 minutes later she comes up with the exact same number as i did and now i owe her 350. :dizzy: My main reason for having someone else take a look was to make sure i wasn't claiming something i should't claim as an expense, and to make sure i wasn't missing more that i could claim.

    After going through this process this year, and coming up with the same number as the tax comp. i think next year i will def. try doing it all on my own and saving the 350. Keep in mind i am a solo op. and do this part time.. I'm not exactly making millions off of this right now. I am currently keeping all of my records on Excel spreadsheets.
  2. JB1

    JB1 LawnSite Fanatic
    Messages: 5,904

    best of luck to you.
  3. Georgia Lawn Works LLC

    Georgia Lawn Works LLC LawnSite Senior Member
    Messages: 365

    Turbo tax. Use them every year for buisness and personall. I went to H&R block back in the day before i was in this buisness and grossed like 20,000 working for sears at my first job and that's how much they charged me.

    I said that will never happen again.

    Turbo tax is so easy and it guides you through everything if you ever need any help. There is no way you can not know what to do or get stuck with turbo tax.

    And the plus for me is it's not expensive but very reasonably priced. Cost me like 100 bucks total for taxes this year for Buisness AND Personal!
  4. rob640

    rob640 LawnSite Member
    Messages: 167

    Turbo tax home and business is the program i used as a trial run on my income tax.. too bad i didn't look into it until after i had them prepaired alsewhere...

    Taxes, taxes, taxes... kind of sux seing everyone else using the system to their benefit. Working a min wage job getting back thousands because of kids and other.
  5. Georgia Lawn Works LLC

    Georgia Lawn Works LLC LawnSite Senior Member
    Messages: 365

    Why not call them back and say you don't want to file with them and you changed your mind. How long ago did you file with them?
    Id check into it.
    Posted via Mobile Device
  6. bohiaa

    bohiaa LawnSite Fanatic
    Messages: 5,220

    It depends on how your Comapny is structured.

    For The Love Of God Man. dont forget that redemption tax
  7. rob640

    rob640 LawnSite Member
    Messages: 167

    I called the company back and told them the situation.. if i did not file with them i will still be charged the fee bacause everything has been fully prepaired and is ready to be sent. Really a PITA, but i know if the shoe was on the other foot and i did the work i would still expect the pay so i guess i understand.
  8. bohiaa

    bohiaa LawnSite Fanatic
    Messages: 5,220

    HOLY COW MAN.... you left a lot out ???

    What about your self employment tax ?

    sales tax ?

    BECAREFULL, sounds like you already in trouble
  9. rob640

    rob640 LawnSite Member
    Messages: 167

    Yeah all of the above is taken care of as well. Never said i didn't pay that.

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