Discussion in 'Business Operations' started by Creative Cuts, Feb 12, 2012.

  1. Kelly's Landscaping

    Kelly's Landscaping LawnSite Platinum Member
    Messages: 4,636

    Saw the accountant on Saturday probably hear back from him later this week. You want to use a book keeping software like quick-books and and track and enter your entire year into it. Print the reports and check for mistakes even after 10 years we still find some every year. We then do a gas report and calculate how many gallons were used and what % was off road use. That's getting easier with only 1 gas truck left in the fleet. We then prep the report for the accountant I believe were getting $516 dollars back this year in gas tax refund. Which is 8 bucks less then last year still that 500 dollars in the early season is seriously welcomed. Once all our reports are set and proofed we take them and a copy of quick-books on memory stick to the accountant and he does his end.

    The reason for that is simple I want to pay him for his expertise not his filing and book keeping abilities. In other words hire him on a budget and use him for what he does best and do the end you can do yourself. As for turbo tax or something like that I have a very long form with massive depreciation tables and roll over deductions just on me personally that are close to 150k. I won't be risking that to a program even the treasury secretary couldn't figure out and branded himself with the name tax cheat Timothy Geithner.
  2. yard_smart

    yard_smart LawnSite Senior Member
    Messages: 590

    We budget around 3k a year for tax and legal fees. Aside from a business plan and good book keeping a CPA and Business Attorney are your most important investments.
  3. DA Quality Lawn & YS

    DA Quality Lawn & YS LawnSite Fanatic
    Messages: 9,201

    For a solo op, filing taxes with Turbo Tax is easy as long as you keep your records in order.
    I would never pay an accountant to do my taxes as a solo.
  4. mkarps

    mkarps LawnSite Member
    Messages: 57

    I agree turbo tax is great if you are just a solo operation. I do all the work myself. Keep all reciepts. I just print out total sales of my program and enter in reciepts and turbotax leads you right through.
  5. Mikegyver

    Mikegyver LawnSite Bronze Member
    Messages: 1,803

    Agree w/ Kelly's. I keep track weekly of every penny on QB. I print out or email the files to my accountant on a quarterly/yearly basis and he handles everything. QB is awesome for keeping track of expenses. With a couple clicks of my mouse I can break down all my expenses and see where I need to cut back. This year Labor was my #1 expense, then repairs/maintenance, then fuel, etc. Its pretty cool. Then I can print reports on everything and evaluate what I need to do differently. Really is a major asset to any business.
    Oh ya....I keep 99.9% of my receipts.
  6. mkarps

    mkarps LawnSite Member
    Messages: 57

    Is this gas tax refund a state credit? I don't recall ever seeing that in WI.
  7. Creative Cuts

    Creative Cuts LawnSite Member
    Messages: 74

    thanks for all the input, i pretty much do everything already but might look into an accountant
  8. WheatBookkeeping

    WheatBookkeeping LawnSite Member
    Messages: 108

    If you don’t think you’re filing correctly and legit, you need a CPA to look at what you’ve done IMMEDIATELY! It’s no joke. If you know a good CPA, hook up with him/her ASAP. If need be, find a successful Lawn Care Professional that you know and respect and ask them to give you a CPA referral.

    I’m not saying you shouldn’t do your own bookkeeping, payroll and tax preparation. If the extra workload fits your schedule, I’m sure you can do it. I’m just saying, have a professional checkout your record keeping and filings and set you on the right track going forward.

    Have a good day
  9. Kelly's Landscaping

    Kelly's Landscaping LawnSite Platinum Member
    Messages: 4,636

    18.4 cents a gallon federal tax on gas for the highway system. If its used off road like in a mower it is not subject to that tax and they will give it back to you if you file for it.
  10. mkarps

    mkarps LawnSite Member
    Messages: 57

    Definitely would be nice but seems like it would be a lot of extra work for me to keep track of which amounts are for my mowers for the return. I'll probably just be a little laxy and lump in everything as Fuel. I agree with all diesel trucks would definitely help keeping track.

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