Taxes

Discussion in 'Business Operations' started by neblawncare23, Feb 6, 2019.

  1. kemco

    kemco LawnSite Silver Member
    Messages: 2,387

    For an LLC or Corp starting rate around here is about $1000 for the business return and up. For a personal return that includes business when one can't short form it is about $450 to $500. Some of the best money spent all year imo.
     
    Michael Ray likes this.
  2. Andrew H

    Andrew H LawnSite Silver Member
    Messages: 2,735

    Right on!
    we have a very reputable cpa as well, who also has other CPA’s working for her. We pay a several thousand dollars annually to them, but they do our taxes and payroll. Don’t cheap out on the important things of owing a business.

    Also pay quarterly, paying once a year (at least for us) was a huge chunk of change...
     
    hort101 likes this.
  3. Matthews Lawn Care

    Matthews Lawn Care LawnSite Silver Member
    Messages: 2,659

    If they could do it themselves, why didn’t they?

    It’s not that I think CPA’s are a waste of $. I’m just not paying a CPA while I can handle it myself.

    I’m just a solo guy so our taxes aren’t really complicated. If I had several crews, I’d be seeing a CPA, no question.
     
    weeze, AlohaMowing and hort101 like this.
  4. Mark Stark

    Mark Stark LawnSite Senior Member
    Messages: 697

    We had like 30 days to respond or pay the money + interest. They are claiming under reported income from 2016. I had another business that I sold that year and we overlooked one of the merchant card processors when changing the EIN.

    Even though the new owner (former employee who bought business) paid taxes on that money, it was REPORTED under my info and thus, looks like I didn't claim it on my return.

    I THINK our evidence is pretty solid. My CPA said it will likely be "a few months" before we get the IRS reply to our letter. If they find against me, then we will appeal and provide further evidence like bank records, accounting reports, business sale paperwork, etc.

    Crossing my fingers because giving my wasteful Uncle Sam an extra $30k is not a pleasant thought!
     
    hort101 likes this.
  5. GRANTSKI

    GRANTSKI LawnSite Bronze Member
    Messages: 1,796

    Some will milk the deductions right within the limits - my cpa claims certain things on the “safe” side. So you will probably always get 2 different figures.
    I believe There’s only a few deductions that you have flexibility on how much u claim (home office / cellphone bill % for solo guys /sub-contracting/ etc) but they can raise a flag too. So it’s usually how safe your cpa & you decide to play it.
     
    AlohaMowing likes this.
  6. snomaha

    snomaha LawnSite Bronze Member
    from midwest
    Messages: 1,613

    Have been going through a sales tax audit the last few months and just took a look at what we spent with our CPA firm last year - OUCH!
     
    RussellB and hort101 like this.
  7. TX Easymoney

    TX Easymoney LawnSite Platinum Member
    Messages: 4,314

    ...and focus on growing your business instead
     
    Doc8406 and hort101 like this.
  8. Chamber143

    Chamber143 LawnSite Member
    Messages: 100

    So true. Not to mention we pay over 2000 a year for all of our tax services. Oh how I would love to pay 250. My father in law who owns a huge business told me when I started mine that there are two things that are must haves on business. A kick ass attorney and a kick ass CPA. Great words to love by
     
    Atlantic Lawn likes this.
  9. Doc8406

    Doc8406 LawnSite Fanatic
    Messages: 15,112

    Talked to one today, believe I will use em
     
  10. Koehn's Lawn Service

    Koehn's Lawn Service LawnSite Senior Member
    Messages: 882

    I am very fortunate we have a super guy that has got us in good shape with all our quarterly stuff payroll and all he charges us 250 he's good we had a gal before she bout got us in trouble and I think was doing some dumb crap and charging more I dumped her like a hot Patato
     
    Doc8406 likes this.

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