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Taxes for a first year solo guy

Discussion in 'Business Operations' started by gulfjoe, Dec 28, 2013.

  1. gulfjoe

    gulfjoe LawnSite Bronze Member
    Messages: 1,638

    Any tips for a first year solo part time guy when it comes to taxes this year.
  2. caseysmowing

    caseysmowing LawnSite Silver Member
    Messages: 2,117

    If you have some of the money saved put all of your equipment on a 5 year deduction. If you don't have the money deduct it all the first year.
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  3. GQLL

    GQLL LawnSite Senior Member
    Messages: 846

    Find you a good CPA and don't do it on your own. This is the best thing u can do
    Posted via Mobile Device
  4. gulfjoe

    gulfjoe LawnSite Bronze Member
    Messages: 1,638

    I interviewed a tax preparer back in sept-oct. She seemed to be pretty knowledgable. She hit all the stuff I had googled and had seen on here. We did not talk about the equipment part of the process. Can you folks enlighten me a little more on that
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  5. GQLL

    GQLL LawnSite Senior Member
    Messages: 846

    I'm just telling you everybody has there own opinion and without seeing what you made and what you want to show as your income depends on how you deducte and that depends on how much equipment you have.
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  6. georgialawn88

    georgialawn88 LawnSite Bronze Member
    Messages: 1,075

    only advice I have is if you have some extra cash on hand and you need supplies for the first few months out of 2014 buy now instead of the first of the yr. and get an accountant
  7. 32vld

    32vld LawnSite Gold Member
    Messages: 3,983

    Depending on if you are still working another job, your wife's income, your business income and business expense all have to be looked at. Then based on your tax bracket.

    After the number crunching it maybe better for you to write everything off each year instead of spreading it out over several years.

    This is where your accountant's knowledge comes in.
  8. Roger

    Roger LawnSite Fanatic
    Messages: 5,938

    Ditto to the suggestions of an accountant. The tax preparer is valuable for putting the information in the right places. But, they are not in the position to give you sound advice on how to structure your finances for the most favorable position. I'm not denigrating the tax preparer, rather just pointing out the differences, and why it is best to work with somebody who understand tax codes, not merely populating forms to make a tax filing. Understanding all the ramifications and giving advice is not their role.
  9. jsslawncare

    jsslawncare LawnSite Bronze Member
    Messages: 1,673

    Taxes!?!? What? Oh no!
  10. gulfjoe

    gulfjoe LawnSite Bronze Member
    Messages: 1,638

    Here is my situation tell me what you guys would do....
    I am a FT Jet engine mechanic, My wife works FT and we just had a baby.
    We made roughly 84K this year at our jobs combined.
    I had roughly 8k in Tithes and charitable donations
    all of our bills are itemized
    My little PT LCO did about 8K in gross sales this season with almost 12K in expenses so I took about a 4K loss (always told you need to take a loss the first few years so I took a big one IMO)
    I financed a walk behind and bought a ton of handhelds, a trailer, and a commercial spreader, along with all the other stuff that is required to run a LCO

    I am really low on cash in my Business account because I bought some equipment here recently and all my funds I have left are for 2014 advertising. (I still have money to run my equipment/and my personal accounts are not in jeopardy)

    How would you confront your tax preparer/CPA with those kind of numbers.

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