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Discussion Starter · #1 ·
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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If you can't figure it out by a basic internet search you ..................................... and should not be in this business.

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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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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Discussion Starter · #6 ·
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! :thumbsup:
 

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If you can't figure it out by a basic internet search you ............................... and should not be in this business.
You mad bro? :furious:

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

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.

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

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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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A former hops and barley buddy used to claim a dozen dependents and virtually 100% of his income as write offs every year (when he filed). Said he didn't recognize the current government and that taxes were not a part of the constitution.Where he resides at now is considered tax free.
 

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You should have researched and planned how to deal with taxes before you started working and receiving paychecks. Does not seem very bright to get a couple paychecks and then start trying to figure out taxes.

You mad bro? :furious:



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.
 

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The problem with these low ball price is...........

#1. PEOPLE DON'T KNOW/UNDERSTAND HOW TO DO BREAK-EVEN COST ANALYSIS :cry:

THE LIST COULD GO ON AND ON ON.............
 
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Taxes are the #3 reason why small self-employed persons fail....

Get good advice...ie...tax professional to set you up a set of books and rules to follow. With all the changes that has happened with the "fiscal cliff" Bullsheet its figureing out how best to deal with it.

Theres the obvious: mileage vs depreciation on vehicles, equipment write offs, reimbursements to hired contractors, Insurance costs, etc etc..... there is no rightoff for meals unless you stay overnight on a jobsite..then you get to deduct meals and motel (per deim rate).

We hold back 27% from each check. Now we are told 30% after the new tax structure. Each is different depending on your business.

File quarterlies so you don't get hit with the 10% penalty. Get a tax ID number. Just to name a couple easy ones.

Good luck AND please pay a lot in taxes.... US OLDER folks and my Grandkids need it :)
 

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Basically you can write off every thing , then you can depreciate it , if at end of year you made to much go buy something business related ( before 12 31 xx) document document document ,, home office space , heating home office space virtually everything is deductible

im lucky " mom " is a CPA

i did ask if i could write off dog chow as a security expense , she said " not with that dog "
 

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If you can't figure it out by a basic internet search you .................................. and should not be in this business.
You mad bro? :furious:

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

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.
You should have researched and planned how to deal with taxes before you started working and receiving paychecks. Does not seem very bright to get a couple paychecks and then start trying to figure out taxes.




There is absolutely no need to be calling people retarded on the forum. The staff is not going to allow this forum to degenerate into some thing like that. There is also no need to respond in kind if some one does stoop to that level.
If you wish to brawl bare knuckles on a forum they are out there, but you will not find that on this forum.
Myself and the rest of the staff work way too damn hard at keeping spammers and other nefarious creatures away from this site to allow that to happen.


So grow up, act like ADULTS not teenage bullies on the school play ground and play nice. If folks are unable to play nice............. they'll be playing some place besides this forum.

Thank you.
 

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Taxes are the #3 reason why small self-employed persons fail....

Get good advice...ie...tax professional to set you up a set of books and rules to follow. With all the changes that has happened with the "fiscal cliff" Bullsheet its figureing out how best to deal with it.

Theres the obvious: mileage vs depreciation on vehicles, equipment write offs, reimbursements to hired contractors, Insurance costs, etc etc..... there is no rightoff for meals unless you stay overnight on a jobsite..then you get to deduct meals and motel (per deim rate).

We hold back 27% from each check. Now we are told 30% after the new tax structure. Each is different depending on your business.

File quarterlies so you don't get hit with the 10% penalty. Get a tax ID number. Just to name a couple easy ones.

Good luck AND please pay a lot in taxes.... US OLDER folks and my Grandkids need it :)




Turbo tax aint gonna cut it.
 

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Discussion Starter · #19 ·
If you do not know what to write off on taxes and how much percent you pay in, you should not have a business.

Well guess what i have to start off somewhere so if you wanna troll and be negative do it in someone else s thread!
 

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Mills is right.

Further research into operating procedures probably should have been done prior to starting a business.

But hey, you're learning now. So soak up the free advice.
And if you can't handle the harsh truth of what Mills said ................ you'll never handle the fecal matter that the nationals/regionals dish out.
 
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