taxes and stuff

[Travis Sonderegger]

I'm just wondering how you guys run your numbers. Do you have a business and business name you track your finances under and pay taxes and stuff as a business? Or do you do work under your name, add much stuff under the table, etc.. Can you provide details? I'm wondering what you recommend. Does anyone have to pay sales tax on services rendered?

 

[Lee Stockwell]

Talk to a local CPA. Every state has different requirements.

For example Kentucky has no sales tax on services....yet.

 

[WillS]

No sales tax in Nevada on services. All expenses come out of a business account so we can keep track of everything incase one of our techs loses a gas receipt, etc. Create a pay scale for yourself, deduct it from your business account every week or bi-weekly, however you pay yourself, and put that into a personal account. Without having separate accounts for business and personal, your gonna get lost in the mix.

 

[Mark Saiger]

No sales tax in Nevada on services. All expenses come out of a business account so we can keep track of everything incase one of our techs loses a gas receipt, etc. Create a pay scale for yourself, deduct it from your business account every week or bi-weekly, however you pay yourself, and put that into a personal account. Without having separate accounts for business and personal, your gonna get lost in the mix.

This is very true....

Do get a designated account/business account and only pay for biz expenses out of that for best tracking....

And keep the personal separate.....even if Sole Proprietorship....best practice

Use QuickBooks or something similar to help track expenses....even Basic Quicken is better than nothing, but they make a QuickBooks basic if just want to start out (I recommend just going with the pro version anyway)

 

[jcooper]

Or do you do work under your name, add much stuff under the table, etc..

I'd also suggest NOT talking about "money under the table" on a forum. Just in case... Hard to delete things from the internet!

You will more than likely have to set up a DBA(doing biz as), it's just a form you fill out from the state. After you get your documents back from state, go to the bank and set up the biz account with your biz name on the account.