Tax question

rbss

rbss

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I will be setting up my business as a LLC and I was just wanting your opinions on how to handle the taxes. Should I hire a CPA to handle it or hire someone like ADP (Automatic Data Processing?
 
rbss said:
I will be setting up my business as a LLC and I was just wanting your opinions on how to handle the taxes. Should I hire a CPA to handle it or hire someone like ADP (Automatic Data Processing?
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I'd dish out the extra for a CPA - if you are serious about getting cranking as a business and want it to be your bread and butter for years to come, no matter how amazing your are as a detailer - all it takes is the IRS to crush your dreams IMO.

Come check out the Social Group on here called "Let's Help Each Other Succeed" .... may be up your alley:dblthumb2:
 
Well im a member of the your goup now. I have been lurking for a few days now you guys have been very helpful!:xyxthumbs:
 
rbss said:
Well im a member of the your goup now. I have been lurking for a few days now you guys have been very helpful!:xyxthumbs:
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Cool man - another thing I do is I set up a deal with her where I do a correction on her ride in spring and in fall crediting my account $400 - then I upkeep her ride every month for a credit of $50 a month on my account.... good stuff!

Also, in the social group - be sure to search through the first threads man - can't see them when you first get in there - but there is some good info throughout those threads about customer service, out sourcing like you asked in this thread, etc. Plus seriously feel free to ask any questions!
 
B&B Tennessee said:
Cool man - another thing I do is I set up a deal with her where I do a correction on her ride in spring and in fall crediting my account $400 - then I upkeep her ride every month for a credit of $50 a month on my account.... good stuff!

Thats great! I may have to put this idea to work thanks again.
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Most payroll companies offer a liability protection and often a good choice. Especially if you can bundle services like Workers Comp (Group) and more within your budget.
 
Don't know what else you have going on financially but a professional really is advisable... Tax codes change frequently.
 
I would highly recommend getting an accountant. I just started my LLC this year and my accountant has been my best investment yet. I learned more important information about running my LLC in an hour with him than I did with several hours of research on the internet.
 
Your right man I have been working with an accountant for a week now and it is definitely better then trying to do it all by yourself.
 
TAXES! Depends on what you have going on to me. I too am a LLC, registered in the state of ohio. I have done my own taxes for the past 12 years. The easy part is I have no permanant employees. This alone eliminates alot of the difficulties and questions for tax prep. I pay my state taxes semi anually. July and January. I keep records of all transactions and pay on time. The most important tip a CPA gave me. PAY ON TIME!
I did pay a friend for the first time,followed them ,asked questions,and also was taught what to do.
 
:iagree:

Depends upon how big you are. My wife and I have a couple of sideline business but we have no employees and generate less than 15K in income. If you're that small you can do it yourself. I do recommend one of the tax prep software packages as they'll lead you. Number 1 recommendation: PAY IN FULL AND PAY ON TIME. Number 2 recommendation: DON'T GET GREEDY WITH STUPID DEDUCTIONS.
 
I recently got my LLC and I am going to talk to a CPA to ensure that I'm keeping everything in order. I may use them to file my taxes as well. Depending on the cost. I don't want to drop big $$$ on a CPA if I don't have to. But I also want to ensure I'm keeping everything in order.
 
I have a CPA that does my taxes, but I keep all the records. We have become friends over the past few years and all I do is detail his car once or twice a year and he takes care of my taxes. As long as you keep good records, everything should be pretty easy.
 
That's what I figured. I plan on keeping all receipts for everything I buy and receipts/invoices of every job I do. This way I have everything in order. I'm suppose to be getting some free software from legalzoom (where I got my LLC) for accounting. So I'll also have that. If anything I'm going to make sure I go over board with record keeping. I don't need any surprises when tax season comes around. I'm also going to ensure I'm setting aside 20-30% of each job to ensure I have money to pay my taxes!
 
SeaJay's said:
That's what I figured. I plan on keeping all receipts for everything I buy and receipts/invoices of every job I do. This way I have everything in order. I'm suppose to be getting some free software from legalzoom (where I got my LLC) for accounting. So I'll also have that. If anything I'm going to make sure I go over board with record keeping. I don't need any surprises when tax season comes around. I'm also going to ensure I'm setting aside 20-30% of each job to ensure I have money to pay my taxes!
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Very true. My accountant told me to set aside 1/3 of all money made(to be safe) to pay for taxes at the end of the year. This really sucks when your used to just pocketing the cash lol
 
Josh@BR said:
Very true. My accountant told me to set aside 1/3 of all money made(to be safe) to pay for taxes at the end of the year. This really sucks when your used to just pocketing the cash lol
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Yeah that's what I was thinking. Luckily this is my part time gig right now. I'm legit but only part time so what I make isn't going to be as much as Anthony or any other full timer. So, I may actually end up at the end of the year not owing much since I'm probably not going to make a huge amount.

I'd much rather pocket the cash but if I want to ensure I'm legit and can show my customer I am, it may open up more doors for me than saying I'm working under the table for cash only.

But at the same time living in good old Mass my taxes I'm sure are going to be through the roof. Mass is completely ridiculous as it is. It cost me probably $500 more here to get my LLC than it would have in any other state.
 
My friend that owns a print shop/copy center does work for detailers and lawn care guys so has some insight on this stuff. She recommended me to get a receipt book that does carbon copies (but the paper is carbonless, hmm?). A print shop can customize your receipt book to the format you need and you can even have it produce more than one copy so you have more than just the original and the customer's copy. I have to get something printed up soon so I am more legit. My who owns a motorcycle service shop had some nice in-depth receipts that allowed him to itemize services/labor, parts, and fees. Something like that(a full page receipt with multiple carbon copies) may be nice especially when it comes to multi step jobs and that are in-depth and you want to really itemize everything for the client and have clear/concise records. Sorry that was long winded. But, hoped it was helpful.:)
 
I do my own taxes. If you have employees, I would use an accounting firm.
 
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