SkullandBonesSkateboards.com Forum Index
SkullandBonesSkateboards.com Forum Index  »  MANUFACTURERS FORUM  »  How do you handle your company's taxes?
 Post new topic   Reply to topic
Page 1 of 1    

How do you handle your company's taxes?

Author Message
parasight
Posted: Mon May 14, 2012 6:03 am Reply with quote
Joined: 27 Sep 2005 Posts: 439 Location: SW PA
I've always been curious about how everyone who runs a small company handles the financial side of the operation. Is there some ruling on if you don't make X amount of dollars a year then it's okay to slide by unnoticed? Do you have a tax ID for your company and treat it as a real business entity? I'm in the process of figuring out how to do this myself and I'm looking for the different routes people have taken. Thanks.
View user's profile Send private message Send e-mail Visit poster's website
Hell_Concave
Posted: Mon Jun 11, 2012 9:51 pm Reply with quote
Joined: 19 Jun 2010 Posts: 362 Location: NE NC
they will come after you. a good accountant is a real life magician. keep records and receipts. find a quality accountant. even if the accountant seems pricey, you will save money in the end. many small business owners have been hammered by back taxes and audits. it's no fun.
View user's profile Send private message
slob-air
Posted: Mon Jun 11, 2012 10:15 pm Reply with quote
Site Admin Joined: 27 Oct 2001 Posts: 61689 Location: S&B HQ
A great accountant is gold.

I keep mine under the limit where I'd have to pay the gov GST by expensing the fuck out of my gross.

_________________
>>>>>Get your S&B Stickers here<<<<<
View user's profile Send private message Send e-mail Visit poster's website
Hell_Concave
Posted: Mon Jun 11, 2012 10:32 pm Reply with quote
Joined: 19 Jun 2010 Posts: 362 Location: NE NC
Also, in the US some counties require a tax ID and some don't. The counties I live and work in do not. There are basic service industry businesses like car detailing that can probably get away with not reporting or paying anything even when they make good money for years. It is always a risk and a headache for the proprietor though.
View user's profile Send private message
strohsbro2
Posted: Tue Jun 12, 2012 10:38 am Reply with quote
Joined: 06 Jan 2003 Posts: 14379 Location: Indiana
slob-air wrote:
A great accountant is gold.


x2

_________________
I Need this Tony Hawk board: Powell scratch prototype
View user's profile Send private message Send e-mail Visit poster's website Yahoo Messenger
 
Post new topic   Reply to topic
Page 1 of 1    
All times are GMT - 5 Hours
The time now is Sun Jun 24, 2018 2:15 am
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum