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tax question

PROCARE05

LawnSite Member
do you take care of your own taxes or do you use a accountant ? This is my first year in the business ,I am a s-corporation. Is this the structure that most of you use ?
 

grasswhacker

LawnSite Gold Member
Location
Lexington, KY
PROCARE05 said:
do you take care of your own taxes or do you use a accountant ? This is my first year in the business ,I am a s-corporation. Is this the structure that most of you use ?
I have always done my own, but I file as a sole proprietor.
 

Green-Pro

LawnSite Bronze Member
Location
Hawkeye country
This is our first year, we are an LLC. will use the accountant.
 

6'7 330

LawnSite Bronze Member
Find yourself a good accountant.Finding an accountant, will be among the best decisions you could make concerning your business.An accountant is more then somebody who files your taxes,he can take care payroll ,represent you if necessary before the IRS etc.A good accountant is worth his weight in gold.
 

retrieverlawncare

LawnSite Member
Location
Baltimore, MD
Get a good accountant....especially since you are an S-Corp.
I am an LLC and my accountant has saved me many times the money she charges me.....compared to if I had worked up my own returns. Plus an accountant can give you advice on certain business issues.
 

lawnman_scott

LawnSite Fanatic
Location
st pete, FL
retrieverlawncare said:
Get a good accountant....especially since you are an S-Corp.
I am an LLC and my accountant has saved me many times the money she charges me.....compared to if I had worked up my own returns. Plus an accountant can give you advice on certain business issues.
Do you have a specific example of how your accountant saved you money? I just dont see the point in a small business having someone do the taxes. It just seems very basic for me to do myself.
 

SodKing

LawnSite Bronze Member
Location
New Hampshire
Because of the pesticides in the business we chose chapter S as well. We have a bookeeper/accountant, a tax accountant, and a business/financial advisor.
 

Gene $immons

LawnSite Bronze Member
Location
Oklahoma
Do you have employees?

We are an LLC and use an accountant. She is very helpful in getting everything filed on time avoiding us costly penalties.

Our last years tax return was a small novel. Not basic to me. Nor do I have the time or patience to do it myself. One small mistake can cost you big time in penalties years down the road.

In fact, we first started out with an accountant that was not very good, he personally set us back 2 years with his inexperience. Interview your CPA just like anyone else you hire. If you want to do it yourself, go for it...But I would suggest hiring someone if your business is big and growing.

A company tax return is completely different than some individuals basic return.
 

turf dog

LawnSite Member
I am a Sub chapter S Corp for liability and tax reasons. For tax reasons as a S corp, I set myself a salary that I have to pay income tax and FICA. The rest of the money in my S corp I take out as a distribution and only have to pay income tax and no FICA. You need a accountants advice of were to set your salary to keep the irs happy.
 
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