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TOPIC: Taxes and business in Texas

Taxes and business in Texas 05 May 2010 16:59 #1

DoubleCFarrierService OFFLINE Senior Member Posts: 197 Karma: 0	Ok, business is starting to pick up, but now how to do taxes. A few questions. Do I charge sales tax for shoeing? How do yall do your personal taxes? Can I write my truck payments off, insurance ect.? Basically I am confused with the taxes need some help so I can get it set up right. Any help appreciated.
	James Cockrell I learn every day, most days the horse teaches me. The administrator has disabled public write access.

RE:Taxes and business in Texas 05 May 2010 22:16 #2

Gary Hill OFFLINE Guru Posts: 5298 Thank you received: 6 Karma: 4	Hire a bookkeeper and do not charge sales tax. The shoes belong to you , you are selling your services.
	"As I see it, winners get the money - while losers talk of "individual goals" and similar stuff." Tom Stovall The administrator has disabled public write access.

RE:Taxes and business in Texas 05 May 2010 23:59 #3

Mike Ferrara OFFLINE Guru Posts: 5057 Thank you received: 3 Karma: 0	I use the H&R block software. Makes it all pretty easy. Go to their web page and have a look...there are other tax packages but that's what I use. You don't write truck payments off. There are two ways to do it. one is to take a mileage exemption and the other to depreciate the value of the truck and take actual expenses. It's all in the directions.
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RE:Taxes and business in Texas 06 May 2010 00:27 #4

texfarrier
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Mike Ferrara wrote:

I use the H&R block software. Makes it all pretty easy. Go to their web page and have a look...there are other tax packages but that's what I use.

You don't write truck payments off. There are two ways to do it. one is to take a mileage exemption and the other to depreciate the value of the truck and take actual expenses. It's all in the directions.

but you can write off any interest you have paid on the truck off....this is what i do just because the irs makes everything so complicated find a cpa and let them do everything it cost me like $275 for the cpa to prepare my taxes and i write that off too..good luck

Austin Russell
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RE:Taxes and business in Texas 06 May 2010 00:49 #5

Mike Ferrara
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texfarrier wrote:

but you can write off any interest you have paid on the truck off....this is what i do just because the irs makes everything so complicated find a cpa and let them do everything it cost me like $275 for the cpa to prepare my taxes and i write that off too..good luck

Yes, you can deduct interest.

Last year I paid almost $500 to have my taxes done and I had to make several trips in.

This year, I took the $500, bought a new computer, did them myself and it actually took up less of my time.

They don't do anything except type in the number you give them. Just follow the prompts.

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RE:Taxes and business in Texas 06 May 2010 13:31 #6

DavidinGA OFFLINE Very Senior Member Posts: 648 Thank you received: 2 Karma: 0	Sorry I don't have anything constructive to add to this thread but I have to ask...Does no one else see the irony in this thread? David
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RE:Taxes and business in Texas 06 May 2010 13:59 #7

Mike Ferrara OFFLINE Guru Posts: 5057 Thank you received: 3 Karma: 0	DavidinGA wrote: Sorry I don't have anything constructive to add to this thread but I have to ask...Does no one else see the irony in this thread? David Are you referring to the "do it yourself" thing?
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RE:Taxes and business in Texas 06 May 2010 15:18 #8

DavidinGA OFFLINE Very Senior Member Posts: 648 Thank you received: 2 Karma: 0	Mike Ferrara wrote: Are you referring to the "do it yourself" thing? I am, how many times have each of you guys told someone to hire a professional farrier? David
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RE:Taxes and business in Texas 06 May 2010 17:12 #9

Mike Ferrara OFFLINE Guru Posts: 5057 Thank you received: 3 Karma: 0	DavidinGA wrote: I am, how many times have each of you guys told someone to hire a professional farrier? David I think I've generally stood up for the do-it-yourselfers. Some people might need a professional farrier...or some one to do their taxes. Others would rather do it themselves. I hire some things done but do lots of things myself.
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RE:Taxes and business in Texas 06 May 2010 18:45 #10

DavidinGA
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Mike Ferrara wrote:

I think I've generally stood up for the do-it-yourselfers. Some people might need a professional farrier...or some one to do their taxes. Others would rather do it themselves. I hire some things done but do lots of things myself.

I'm not knocking anyone here, I was simply making a lighthearted joke, so please don't take it personally. Truly I usually only see the "Hire a farrier" comments on here when something is obviously wrong so I hope the rest of you guys aren't getting upset over my comments.

David

David H. Van Hook

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RE:Taxes and business in Texas 06 May 2010 21:37 #11

Mike Ferrara OFFLINE Guru Posts: 5057 Thank you received: 3 Karma: 0	DavidinGA wrote: I'm not knocking anyone here, I was simply making a lighthearted joke, so please don't take it personally. Truly I usually only see the "Hire a farrier" comments on here when something is obviously wrong so I hope the rest of you guys aren't getting upset over my comments. David Just conversation.
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RE:Taxes and business in Texas 09 May 2010 03:30 #12

13puppet OFFLINE Senior Member Posts: 490 Thank you received: 1 Karma: 1	I am not a "do it yourselfer" I pay to have it done right. Like takes and Auto repair and so on I just suck it up and foot the bill. Why? because they usually have some sort of guarantee or warranty. If you do it you self and its not right the first time as it never is your SOL
	Bo Crotta - Equine Specialist The administrator has disabled public write access.

RE:Taxes and business in Texas 09 May 2010 13:01 #13

Rick Burten OFFLINE Enforcer Posts: 9082 Thank you received: 50 Karma: 8	I use a CPA. Its worth it to me. He does what he does better than I ever could and I do what I do better than what he ever could. Seems a fair trade-off to me. And, even should you decide to do it your self, it would be wise to at least consult a tax specialist when you are setting up your business.
	Rick Burten PF In the immortal words of Ron White: "But let me tell you something, folks: You can't fix S-tupid. There's not a pill you can take; there's not a class you can go to. S-tupid is forever." ." Je pense donc je suis The administrator has disabled public write access.

RE:Taxes and business in Texas 09 May 2010 14:03 #14

brian robertson OFFLINE Master Posts: 1327 Thank you received: 22 Karma: 3	Your business team should include a CPA, an attorney, a banker, an insurance specialist and an orthopedic/sports medicine Doctor.
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