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Discussion in 'Business Operations' started by redoak77, Sep 4, 2004.
For those who run a totally legal biz, what percent of ur profit go to taxes? thanxs in advance
This is my first year at lawncare but i have been selfemployed for some time in another field. I found that if you put 30 - 35 % away for taxes and have a decent tax guy youll get a nice lil return back. This is from Iowa.
correct me if I'm wrong, because I'm no accountant, but i thought a lot of stuff that we buy, use, etc can be written off as a tax deduction. This being my first year I don't plan on paying any taxes with all sorts of stuff to write off, like my mower, truck, trailer, equipment etc.
My first year in biz I ending up paying no tax and got a $160 return.
Yes if your buying stuff you have massive write offs I don't think we will be paying income tax for many years to come. We didn't come close to using all our deductions last year and we are rolling over more then 60 k in deductions for this year plus all that we got this season. Only real tax we have to pay aside from all the stuff on employees is sales tax but its still alot and I wish we didn't have to pay that either.
If you're getting a return back, you're just letting the government use your money.
Best thing to do, once you're in the business a while, is pay in quarterly taxes, and put the rest in the bank and gain some interest on it. At least this way you're making money off of your own money.
Even if you end up paying in $1000 at the end of the year, you're still better off than getting $1000 back.
Just a thought, but if you have accounting questions, you could always write them down as they come up and then set some time to meet with a local cpa to get yourself situated.