How much should I be putting away for taxes and what are my write offs - REO Property Preservation Forum
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post #1 of 45 (permalink) Old 01-05-2013, 08:28 PM Thread Starter
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How much should I be putting away for taxes and what are my write offs

I will just be getting my second paycheck and was wondering how much I should be putting away for when taxes come around?

Also what kind of tax write off can I use being a sub contractor?

I drive a ridiculous amount of miles on some jobs around 450+ round trip

I started out with nothing and had to buy all my own tools,zip ties,cleaning products, genie,compressor etc

Ive been keeping every receipt just in-case

Thanks ahead of time,
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post #2 of 45 (permalink) Old 01-05-2013, 08:32 PM
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Keep every receipt and get yourself a GOOD CPA/Tax person, its worth the price.
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post #3 of 45 (permalink) Old 01-05-2013, 08:50 PM
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If you can't figure it out by a basic internet search you ..................................... and should not be in this business.

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Originally Posted by livinlife View Post
I will just be getting my second paycheck and was wondering how much I should be putting away for when taxes come around?

Also what kind of tax write off can I use being a sub contractor?

I drive a ridiculous amount of miles on some jobs around 450+ round trip

I started out with nothing and had to buy all my own tools,zip ties,cleaning products, genie,compressor etc

Ive been keeping every receipt just in-case

Thanks ahead of time,

Last edited by BPWY; 01-06-2013 at 11:39 AM. Reason: removed insults
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post #4 of 45 (permalink) Old 01-05-2013, 08:53 PM
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Anything business related write off. Meals can been a write off too at 50%. I would put 15-20% into a saving and forget about it till april 15th. IRS doesnt expect a new business to turn a profit in the 1st 3 years, however it is doable.
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post #5 of 45 (permalink) Old 01-05-2013, 09:01 PM
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. . . I started out with nothing and had to buy all my own tools,zip ties,cleaning products, genie,compressor etc . . .
What's a genie? and I want one!

Iíve already told you more than I know.
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post #6 of 45 (permalink) Old 01-05-2013, 09:52 PM Thread Starter
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Anything business related write off. Meals can been a write off too at 50%. I would put 15-20% into a saving and forget about it till april 15th. IRS doesnt expect a new business to turn a profit in the 1st 3 years, however it is doable.
Perfect thats all I was looking for thank you!
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post #7 of 45 (permalink) Old 01-05-2013, 09:56 PM Thread Starter
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Talking

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Originally Posted by HollandPPC View Post
If you can't figure it out by a basic internet search you ............................... and should not be in this business.
You mad bro?

.................................................. .................................................. .................................................. .................................................. .................................................. .........

Im just asking on this forum rather then searching the web because this is a specific forum with people who have been in my exact spot and can give me a realistic and specific answer.

.................................................. ....

Last edited by BPWY; 01-06-2013 at 11:40 AM. Reason: removed insults
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post #8 of 45 (permalink) Old 01-05-2013, 09:59 PM Thread Starter
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What's a genie? and I want one!
It's my magic generator that runs on hopes and dreams.
Also cell phone text haha
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post #9 of 45 (permalink) Old 01-06-2013, 04:48 AM
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If you do not know what to write off on taxes and how much percent you pay in, you should not have a business.
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post #10 of 45 (permalink) Old 01-06-2013, 05:57 AM
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Perfect thats all I was looking for thank you!
Just get Turbo Tax
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