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Discussion in 'Business Operations' started by wescane, Apr 19, 2006.

  1. wescane

    wescane LawnSite Member
    Messages: 21

    I dont understand the tax issue. If I keep up with my miles, which I have another job also 10 miles from the house, and all my expenses whats the chances that I have to pay? I dont have a tax number, they use my s.s. number so lets say "on the books" I made 5000.00 last year and I had to buy my lawn mower at 3800.00 a new motor 2000.00 a weed eater 220.00 and an edger 220.00 and a blower 300.00 how does all this work? As you can see I havent done my taxes yet.
  2. thes

    thes LawnSite Member
    Messages: 106

    You obviously worked at a loss last year. Are you a sole proprietor? Or incorporated? If you are a sole proprietor, then you have to just fill out the "schedule C" & "self employment tax" forms along with your 1040 tax form. Are you insured? If so, you can use the premium as a deduction.

    It's really not that difficult. Just make sure you always save all receipts for gas, repairs, purchases, etc for your business deductions.

    Btw, tax returns were supposed to be postmarked by April 17th.

    You may want to talk to an accountant about all of this....make an appointment at H&R Block ;)

    Good luck.
  3. wescane

    wescane LawnSite Member
    Messages: 21

    Yea have already talked to my accountant and Im scheduled for the end of May. The reason for that is because my wife is a realator and she hasnt finished her things yet. To answer to your question Im a sole proprietor and also I am not insured which I am looking into as we speak.

    Thanks for the input. I would like to hear back from you if possible.

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