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taxes for the beginner

Discussion in 'Business Operations' started by stslawncare, Sep 25, 2001.

  1. stslawncare

    stslawncare LawnSite Bronze Member
    from DE
    Messages: 1,484

    hey guys, i know i probably have a year or so before i have to worry about this but then again maybe not. i have very little knowledge about the whole tax deal. can someone explain it? how does it work? how often? i guess a percentage of my profit i pay? how does the getting money back work? how do i figure out how much? i know nothing.
  2. plow kid

    plow kid Banned
    Messages: 516

    You never get any money back!!!! [​IMG]
  3. Rooster

    Rooster LawnSite Senior Member
    Messages: 460


    The best advice I can give you is to talk to an account or tax attorney.

  4. Easy, call your parents accountant. They will have to set it up for you anyways.

  5. gusbuster

    gusbuster LawnSite Bronze Member
    Messages: 1,931

    That's a true statement! When you do get money back, normaly the money is credited to the following years estimated Fed and State taxes.

    You should check with an accountant first. I would go this route the first couple of years to see how it's done. One thing for sure, you will remember these dates: apr 15th, jun 15th sep15th and jan 15th. These are the days that your 1\4 estimates are due. I hate the first one, both tax from last year and new year is due.

    MATTHEW LawnSite Senior Member
    from NE OHIO
    Messages: 665

    Wrong, plowkid! In my first 2 years, I had such a loss that I got a government check for over $2,000.00!!! Not only did I pay no fed taxes, but I actually got money back because of my losses! I could not believe it either, but it is true! I think you can save yourself a ton of money if you get the business tax book from the IRS and just read it. You need a good tax preparer, also. You can expect to pay them a couple of hundred dollars ONCE a year, but it beats $120.00 a month for a CPA!;)

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