tax help

[colojoe]

Hey folks,

First of all thanks for all of the help and info so far.

My question is: how do you track your sales and taxes if you are mobile. Do you use an excel program or something similar? I am totally lost on the accounting side of running a business.

Thanks for all of your help.

Joe

[wayne2182]

As am I joe might help if you post where you will be working, Like me ill be in oklahoma United states.


To add alittle to joe's question for a mobile business what all can you claim as a business deduction, gas van upkeep, tires ect? also This will be my first business how and when do you go about paying taxes is it once a year? or monthly?

thanks

[Evan]

Hey folks,

First of all thanks for all of the help and info so far.

My question is: how do you track your sales and taxes if you are mobile. Do you use an excel program or something similar? I am totally lost on the accounting side of running a business.

Thanks for all of your help.

Joe

@colojoe:

You should be keeping a copy of every receipt or invoice you create for the customers you serve...

Then at the end of every day you would record all those sales into your ledger whether it be on paper or electronic via some software...

You either need someone to show you how to keep a ledger for tax purposes as well as Accounts Payable/Receivable or you need to hire an accountant and just keep the paperwork organized by day/week/month and figure out how often to have the accountant process it for you and make your sales tax payments...

If you screw this up its major trouble, the tax men likes their cut of the money...

~~ Evan

[MrScruff]

I love computers, I have a degree and a bunch of certificates to prove it, but I would never take one mobile. You can lose it, break it, crash it, or any number of laugh-or-cry things. What I recommend, if you're not doing service calls on credit anyway, is that you carry a carbon copy invoice book and a calculator. When you're done, you rip off the top sheet, give it to the customer and keep the copy for yourself. Write "paid" and how (i.e. cash) on your copy for reference. If you're doing it on credit, just use a notepad or something and enter it into the system when you get back to the shop.

I strongly recommend you invest in a basic accounting course. They usually run a couple of weeks and will teach you more than enough to do the day to day stuff. On top of that, find an accountant you trust to handle everything else.

[maintenanceguy]

I've had several businesses. Some successful, some not.

The biggest hurdle a technician starting a business has to overcome is to stop thinking like a technician and start thinking like a business owner.

In the beginning, you will have to wear all the hats. Marketing, Advertising, Accounting, Collections, HR, and Production. Right now, you know how to wear some of the hats but need to learn how to wear the rest. Read lots of books. Take classes, although classes are usually a slower, more expensive education than just reading.

There are lots of good books for the new business owner to learn basic accounting and basic taxes. In the beginning, basic is all you need.

[colojoe]

Man guys, thanks for all the help!

I just got my invoices back from the printers and there is a place for how the customer paid. As far as credit processing I just added the square credit card processing.

With the ledger, are you using an electronic form? If so, something simple like excel or more in depth like quickbooks?

Thanks again,

Joe

[maintenanceguy]

I use quick books on my computer. But if you're just starting out, all you need is a paper ledger and calculator.

After a year, and your first round of taxes, you'll have a better idea what categories you want to set up if you get a computerized ledger. If you try to set it up now, you'll have to do it all over again.

And, I'm assuming you're in the US. If so, you now pay your contribution to income taxes PLUS your employers contribution to your income taxes. That comes to 30% of your income. Maker sure to set that aside and pay it quarterly or you'll get into trouble with the IRS.

You own a business now, that makes you an enemy of the state and they are watching.