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taxes ? new lawn business?

Discussion in 'Starting a Lawn Care Business' started by proaction, Mar 26, 2008.

  1. proaction

    proaction LawnSite Member
    Messages: 3

    i started out last year cutting a few jobs on saturdays on the side after work , i had a few more come talk to me last fall about this season so i went and got a DBA in my state and now iam a lawncare business , i got invocies and other start up material , also bought a few new peaces of equipment , iam still going to do my own on the weekends and work a full time job at another company , i wont have alot of jobs but i plan on doing it the correct way with invocies , after every cut or signed up for a complete season , how should i do my taxes , ive been keeping every gas slipand purchase slips i plan on doing it this way so i can right off all my equipment sence i have a fairly large amount of money invested ,iam not going to show alot of income from the business so am i going to be able to right off my gas and purchases and equipment ? with out rasing any eyebrows ? and also work a full time job 5 days a week , ihate to do it on the side and not be able to get a right off for my expenses . please help with what you can , ive been in the lawn care business for 12 years so i know that part just never ran a business before iam a foreman for a large company locally but ive always wanted to branch out on my own iam just waiting for more jobs to fill each week , also should i taxes on quarterly base or just once a year ? thanks for the help;)
  2. PerfectEarth

    PerfectEarth LawnSite Bronze Member
    Messages: 1,734

    Be careful of how you are thinking of things as "write-offs"... This is not free money! Do you have an EIN? I pay taxes quarterly but also have a GREAT, by-the-book accountant (my father, who was in finance his entire life) so I suggest finding a good accountant to talk to (or hire)... I am not good at this end of the business, admittedly, but am learing and sometimes you have to depend on a bit of help from the "accountant-minded" people to help you through. I won;t even get started on depreciation!!

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