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With an LLC, how often and accurately do you file taxes? Honestly?

Discussion in 'Commercial Snow Removal' started by PlowOrDie, Oct 26, 2007.

  1. PlowOrDie

    PlowOrDie Senior Member
    from ohio
    Messages: 164

    I am wondering how accurate and often my fellow plow operators file their taxes?
     
  2. LwnmwrMan22

    LwnmwrMan22 PlowSite Fanatic
    Messages: 27,999

    I file as a sole prop., but since all of my acccounts are commercial and invoiced monthly, all income is reported as well as all expenses.
     
  3. PlowOrDie

    PlowOrDie Senior Member
    from ohio
    Messages: 164

    do you have to submit quarterly, monthly?
     
  4. LoneCowboy

    LoneCowboy PlowSite.com Addict
    Messages: 1,760

    LLC's pay taxes like a sole proprietorship
    So, they roll into the schedule of your 1040
    And you pay Social Security (bahahahahahah) quarterly along with your estimated tax payments
    My taxes are damn accurate and I have receipts for everything.
    Anyone who doesn't is a fool. The IRS is nothing to muck about with.
     
  5. basher

    basher PlowSite Fanatic
    from 19707
    Messages: 8,992

    Find a good account with experience in small business. Ask around find one you trust, can understand and respect.

    I report everything. Have to, there are 3 things that scare me; death, my wife and the IRS, not necessary in that order. Then there's insurance reasons, would suck to get sued on a job you did on undeclared income. Can't keep paper on undeclared income you can go to jail for having two sets of books. That means there's no trail of due diligence to defend yourself with.
     
  6. PlowOrDie

    PlowOrDie Senior Member
    from ohio
    Messages: 164

    Ok, the reason I ask is because i filed for my EIN, and just recently received the EIN #.

    what I do from here on out is where I am confused.

    Can anyone assist me with some steps I should take?
     
  7. repo_man62

    repo_man62 Senior Member
    Messages: 502

    Save ALL receipts and keep tight books. Document everything and keep a business ledger.
     
  8. LwnmwrMan22

    LwnmwrMan22 PlowSite Fanatic
    Messages: 27,999

    You can also go to IRS.gov for info.

    If you miss a quarterly payment, don't fret too much. IRS isn't going to take your house.

    You'll end up paying late fees and interest, which, if the credit cards charged what the IRS charges for interest, they'd all be broke (very very minimal).
     
  9. PlowOrDie

    PlowOrDie Senior Member
    from ohio
    Messages: 164

    ok, sounds good.. i checked all over the irs website, watched a few instructional videos, approximately 45 minutes worth of material....but i still have a question that needs to be answered... maybe you all can answer it quicker...


    Assuming that this year I have 0 contracts so far, which is 0 income, do I still have to file taxes for the quarter, or do I file taxes only when I receive income , which is more probable, say, next quarter?
     
    Last edited: Oct 27, 2007
  10. basher

    basher PlowSite Fanatic
    from 19707
    Messages: 8,992

    Always file required forms even if there is no payment required.

    Of course things vary depending if you're LLC, sub type S, LLP or C type Corp, the amount of payroll, if you have employees, etc...

    If you don't have a good accountant find one before tax time. A good accountant will save you more then they cost. Now is the time to be preparing for taxes, they could also help you set up a schedule of what tax must be paid/filed, when and to who. they will keep you from forgetting things like unemployment taxes(fed and local), keep straight when to file 1040 vs. 1041, and all the other hoopla the IRS, SS, the state, county and local taxes. They will also provide verification for loans where they want a conformation of income. Tough to get your employer to verify income when you are your own boss. You stand a lesser chance of getting audited if a pro prepares your yearly taxes then if you do it yourself, and you have someone to hold your hand if you do (get audited).
     
  11. NE.MCH

    NE.MCH Junior Member
    from Ma.
    Messages: 22

    The best advice that I can give is simply this......Get a good Accountant......He/She should take care of all of your tax questions and preperations......My Accountant w/o payroll runs me a few hundred bucks a year.......I would pay him a few thousand, its that important. Get a good Accountant and you really won't have any more questions... Hope this helps good luck
     
  12. PlowOrDie

    PlowOrDie Senior Member
    from ohio
    Messages: 164

    point taken - get a good accountant!

    thanks all