Quick Question???

[Jr yard's]

I was goning to go get insurance for myself and my lawn service, but if I dont have a name for my lawn service so can I still get insurance?? Im thinking about going and get a name and making myself on the up and up, but I was just thinking if I didnt could I still get insurance?



If i get myself a buissness name and income tax comes around and all my clients pay with cash and checks do i have to pay on that? I think i have to, but I want to ask yall. If I dont have any commercial accounts or anyone that claims the yard work what do I have to show? I mean I dont want to walk in to the tax office and have the taxs man say you have a lawn service and its say here you have made nothing all year long? I hope yall understand what Im trying to say. Anything will help guys. Thank

[jimslawnservice1]

You will pay tax on everything you collect, and should!!!! Yes you can get insurance before you have a bis licenese. Be sure to report everything you earn and every dime you spend. In the scheme of things it is not only the right thing to do but it will pay off.

[MortNuke]

I was goning to go get insurance for myself and my lawn service, but if I dont have a name for my lawn service so can I still get insurance?? Im thinking about going and get a name and making myself on the up and up, but I was just thinking if I didnt could I still get insurance?

Based on your description, you are performing as a Sole Proprietership. Generally, this means that "you" and your "lawn service" are one entity (as opposed to a LLC or Corporation, in which "you" and your "lawn service" are separate entities). You would refer to your lawn service by some name (Monkey Lawn Service, for example) and a bank or insurance company would refer to you as:

Your Name dba Monkey Lawn Service (Note: dba means Doing Business As)

Get your business a bank checking account in that name, and Contractor's Liability insurance in that name. There are other advanced considerations, such as forming a corporation when the time is right, but my goal HERE is to answer your question in a straightforward manner.

If i get myself a buissness name and income tax comes around and all my clients pay with cash and checks do i have to pay on that? I think i have to, but I want to ask yall. If I dont have any commercial accounts or anyone that claims the yard work what do I have to show? I mean I dont want to walk in to the tax office and have the taxs man say you have a lawn service and its say here you have made nothing all year long? I hope yall understand what Im trying to say. Anything will help guys. Thank

Any income, whether it is cash, check or a credit card (from your neighbor or from a commercial business like a local restraurant) is considered "income" by Uncle Sam and subject to Income Tax. As a Sole Proprieter, you would track this income and include it in your personal income taxes AND you would keep receipts for your business expenses (equipment, tools, mileage, etc.) as deductions.

Cash payments are certainly no exception...but some folks take the low road and stick cash in their pocket without reporting it as income (thus, no income tax is paid). Not recommended.

There is much more to say, but this should get you started. This Site is an awesome source for information thanks to Grass Master and many professionals who contribute...so take time to read through old posts using the SEARCH button. There is a wealth of information!

Mort

[Jr yard's]

Thanks mort