Taxes

[josie67]

When doing taxes for your cleaning business, do you take a percentage out of what you make from every check you receive or do you set aside money every month? And typically, at the end of the year, what percentage does Uncle Sam get of your gross?

Thanks,

Josie

[chevygirl57]

josie67 said:

When doing taxes for your cleaning business, do you take a percentage out of what you make from every check you receive or do you set aside money every month? And typically, at the end of the year, what percentage does Uncle Sam get of your gross?

Thanks,

Josie

I don't know much about taxes, but I have read a little.

If it is a sole propietership, I think you can use form 1040 with schedule C attached, but I am not 100% on that.

www.irs.gov has all of the tax information you could possibly need.

I believe I read also that you can choose to pay quarterly.

-Nicole

[High Quality Janitorial Servs]

Yea that's a good question cuz i dont know. lol

[kimmierue]

If you are playing it smart you shouldn't have to set aside hardly any money for anything. Well, at least that goes for the just-starter-uppers...Anyone who's gone through taxes wouldn't ask that question.

It's about deductions and saving your receipts.

[josie67]

Thanks for the info Nicole.

[chevygirl57]

kimmierue said:

It's about deductions and saving your receipts.

You're 100% correct on that.

Save ALL receipts you have with anything on them that you purchased for the business.

I also read that for tax purposes you should save as many deposit slips as possible for the money you place in any account you might have. I also keep a log of how much I make each day and the date.

It is also a good idea to make copies of credit card statements that might have charges for business supplies and such on them. This way, you can also use that. Or, you could get a card that is strictly for business use only.