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Triple tax month!

Discussion in 'Business Fundamentals' started by grandview, Mar 7, 2011.

  1. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    Big 3 are do this month. Sales tax,Fed,State corp. tax due by the 15th and sales by the 20th
     
  2. keitha

    keitha Senior Member
    Messages: 133

    Thanks, you just had to remind me of that!
     
  3. tuney443

    tuney443 PlowSite.com Addict
    Messages: 1,847

    Yup,sales tax is easy but this year I already fired my accountant so besides getting everything in order,I'm going to attempt to do my own corp. and personal taxes since I believe I had almost identical years from 2009-2010.I'm hoping it will basically be a copy job.Sales tax doesn't have to be postmarked until the 21st since the 20th falls on Sunday.Fun times.:rolleyes:
     
  4. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    Cheapskate,get a book keeper for the year and then a accountant to do the filings.
     
  5. stargazer

    stargazer Member
    Messages: 94

    When you do your own, it may suck, but you see where everything went and how tax law affects your business. That helps me at least make better business decisions.
     
  6. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    But if you don't know all the tax laws it may cost you money too.
     
  7. tuney443

    tuney443 PlowSite.com Addict
    Messages: 1,847

    Nope,hardly a cheapskate,but I'm completely pissed that for now 2 years in a row my guy promised to file my corporate stuff by 3/15,after I busted my butt to prepare everything and then lied to me which cost me app. $400 for both years--NY and Federal in late filing penalties.I know on paper I didn't make much in 2010 and basically I had a repeat year from 2009,so if I just go by his methods with comparable figures, a little boring reading thrown in with some new tax laws,and a little common sense,I'm up for it.As for book keeping,that's a no brainer--5-10 minutes every night,have always kept my own now for 37 years.I like wearing multiple hats.:nod:
     
  8. jklawn&Plow

    jklawn&Plow Senior Member
    Messages: 469

    I am getting $95 back on Fed 4136 this year and some back for sales tax in NYS. I missed this the first few years. The sales tax I can go back 3 yrs. Probably wouldn't justify the cost of an accountant though. I do spend a lot of winter hours reading all the publications and understanding them but I havn't developed another job type to bring in income-besides plowing.
     
  9. hammerstein

    hammerstein Senior Member
    Messages: 318

    How often do you pay sales tax in NY? Here in Ohio you pay by the 23rd for the previous month. Only thing I don't like of that is we bill out at the end of the month so when the sales tax is due we have only collected about 20% of what's due.
     
  10. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    It's paid quarterly here.
     
  11. hammerstein

    hammerstein Senior Member
    Messages: 318

    So your paying 2010 4Q now. If so that's cool at least they give you a chance to collect most of it.
     
  12. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    It's for December 2010,Jan.2011 and Feb.2011
     
  13. tuney443

    tuney443 PlowSite.com Addict
    Messages: 1,847

    Don't know about Ohio,but here in NY you are allowed to only pay the sales tax that you have collected for your filing period regardless of work,billing,whatever that was done within this period. The rationale is that sooner or later it will all balance out,which is true.Also in NY,you can file annually if you bring in X amount of revenue.
     
  14. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    I like paying quarterly,don't want to be holding that money all year,might disappear.
     
  15. tuney443

    tuney443 PlowSite.com Addict
    Messages: 1,847

    Yeah,same here.I keep telling myself to set up a separate account so I don't touch that money until I have to turn it in but I never get around to it.You just have to have discipline to ALWAYS make sure that money is there the 20th of every 4th month.
     
  16. jklawn&Plow

    jklawn&Plow Senior Member
    Messages: 469

    Anyone in NY file the ST100-FR for gas sales/excise tax on mower gas?
     
  17. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    I like to write a check each month and put it away. This way the money is out of the account and i don't worry about it.


    I don't.
     
  18. jklawn&Plow

    jklawn&Plow Senior Member
    Messages: 469

    Its for recouping double paying state. You pay sales/excise taxes at the pump and your contracts for lawn customer pays sales tax on total. State gets it twice, once from you once from customer.
    Its only for off road fuel usage, like Fed 4136.