Sunday, July 25, 2010

Advice me please, if i cut people grass for money, what should i do to start paying taxes?

ok i am a person who wants to be a self-employed. if i cut people grass for money, what should i do to file taxes?





how many forms should i fill? and how to start paying taxes please?


if you are someone who had exprience with small business and tax, give me an advice. this is my first time.Advice me please, if i cut people grass for money, what should i do to start paying taxes?
Are you a legal-age person starting your own business? If not, then have people pay you in cash and don't worry about it.





Create a separate bank account for your business. Deposit all $ in it and of course keep your statements. Pay all your business expenses like gas and oil, repairs, chemicals, work clothes, etc. out of this account. Save all invoices paid and all receipts. Keep track of ALL your work mileage because you can deduct it. Keep a notebook in your truck to enter all your miles and gas/oil expenses. Begin a savings account to pay taxes quarterly.





Keep customer files on your computer and do simple invoices that your customers pay. This is as easy as setting up a Word doc that you cut and paste into a new doc for each client each month. You can hand-deliver or send in the mail and deduct postage on taxes. Set up a way to reconcile and make sure all invoices are paid. Or, use a receipt book with duplicates if you get paid on the spot.





Find a CPA who needs his/her yard done and ask them to trade out by doing your taxes. Have them tell you how much to save into that account every quarter. They can find expenses for you to claim that you won't think of.Advice me please, if i cut people grass for money, what should i do to start paying taxes?
WHAT? Are u nuts? Insist on cash and to hell with the tax man!!!!

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