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acountant friend

Discussion in 'Business Fundamentals' started by shott8283, Feb 22, 2009.

  1. shott8283

    shott8283 Senior Member
    Messages: 258

    i got a buddy that has a masters in acounting and is wicked good... ive been thinking about doing my own plowing/mowing lawncare full time and he said he'd help me with my quartly taxes for 150-200 bux a quarter.... that a good deal? i know very little bout business so he said he's willing to help all he can..

    already got a plow.. just need a salter, trailer and good mower and lawn care gear to start off...
     
  2. Rc2505

    Rc2505 PlowSite.com Addict
    Messages: 1,245

    Depending on the dollar amount or volume you do thats could be a great price. I pay a little over 2 times that a month so I would love to meet your friend, lol.
     
  3. shott8283

    shott8283 Senior Member
    Messages: 258

    this isnt book keeping or any of the sorts.. just filing quarterlys.. he's just getting out of college with little experience.. just internships.. so i think thats why he's bidding me so low... as well as hes a close friend
     
  4. rawdog

    rawdog Senior Member
    from Cape MA
    Messages: 124

    there really isnt even that much till year end...and at year end quickbooks provides everything you need. I help out a guy for 50 an hour..thats for everything BUT year end taxes...its always good to have someone check over your numbers. I dont know how much they but i'll figure it out and let you know.
     
  5. QuadPlower

    QuadPlower PlowSite.com Addict
    Messages: 1,056

    Without employees, there is only year end taxes. Get Quicken or Quick Books and do it your self. If you have questions, talk/pay him to help you out.
     
  6. shott8283

    shott8283 Senior Member
    Messages: 258

    if its my business and im the only "employee" shouldnt that count as 1? i guess i should get my arse to the local CC to take a basic business class huh... i gotta pay my own SS and everything... ontop of that.. i was always told you are saposed to file quarterly.. does this differ between states? would NY be different?
     
  7. rawdog

    rawdog Senior Member
    from Cape MA
    Messages: 124

    The main reason for filing quarterly is to report to investors and stockholders. I don't think NYS MAKES you file but I actually think its up to the company to decide how they want to file. As far as being an employee I don't think you count but im not positive on that...you could always try to make alot of capital improvements and client meetings to try to cut down on actual income. Some other guys can probably tell you more... Alot comes with being in the business. Ive had 4 years of accounting classes and when it comes to taxes its all a blur.
     
  8. QuadPlower

    QuadPlower PlowSite.com Addict
    Messages: 1,056

    If you go the DBA route you are the sole proprietor. When you do your taxes you will show income for your real job if you have one (W-2), 1099 from customers that pay you over $600 (commercial not really residential), and your income from your business. If at the end you owe a bunch of money, then you will be required to file quarterly payments based on your estimated taxes for the following year. I can't think of the form number right now.

    You are the owner, you are not an employee. You can not collect un-employeement or workmans comp. If you go with something other than a DBA, (LLC, S-corp, C-corp) it is totally different.

    When you get employees, you will have to file and pay using a 940. 941 at the end of the year. W-2 & W-3 at the end of the year.

    Good Luck
     
  9. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    I hope by you saying you pay quarterly taxes your paying sales tax also. Unless you have less the 3,000 a year in sales tax collected.
     
  10. shott8283

    shott8283 Senior Member
    Messages: 258

    i guess i dont know what i mean then.... i know a guy i used to work with ran his own drywall biz before he came to us... he was tellin me he got killed last year and was paying his quarterly.. i dont know if he meant sales tax or back taxes

    the more and more i read the more and more i dont wanna do this biz thing...

    grandview.. the girl in your avatar looks familiar...her name aint kristen is it?
     
    Last edited: Feb 25, 2009
  11. Ipushsnow

    Ipushsnow Senior Member
    Messages: 314

    Do you guys in NY pay/collect sales tax for plowing?
     
  12. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    Yes.and yes!
    Pretty much everything in NY is taxable.
     
  13. shott8283

    shott8283 Senior Member
    Messages: 258

    i get taxed on how many hours i spend on PS.com
     
  14. QuadPlower

    QuadPlower PlowSite.com Addict
    Messages: 1,056

    I deduct the time I spend on PS.com as a business expense. My labor rate x hrs spent on plow site = educational/legal/advertising expense.
     
  15. Triple L

    Triple L PlowSite Fanatic
    from Canada
    Messages: 5,988

    LOL...... hahahahahah
     
  16. QuadPlower

    QuadPlower PlowSite.com Addict
    Messages: 1,056

    No. Seriously I do.


























    Just kidding. LOL