Uncovering The Surprising Costs Of Being A Handyman: Tax Estimates Revealed. As Handyman Business owners we love helping other people but when is the last time we have sat down and helped ourselves, By figuring out and paying Quarterly taxes we can help ourselves. There are some surprising costs associated with being a Handyman and we can become more clear on that. This video will walk you through how to figure out how much money to save for taxes as a handyman or small business owner. In this video Tax estimates are revealed and you learn exactly how to pay your Quarterly income tax payments on time.
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00:00 Intro
01:09 Who needs to pay quarterly taxes?: Handyman typically don't have taxes withheld from their paycheck, so they need to pay estimated quarterly taxes.
01:51 How much taxes does a handyman need to pay?: The first step to figuring out how much to pay is to meticulously track your business expenses.
Next, find your tax rate by looking at the IRS tax brackets [2:06]. You can find a link to the IRS website in the video description [2:18].
Once you know your tax rate, multiply your net income (gross revenue minus business expenses) by your tax rate to find out your income tax amount [2:32, 3:00].
Handyman business owners as sole proprietors are also subject to a 15.3% self-employment tax
3:43 How Much Should a Handyman Pay in Quarterly Taxes (Continued) [invalid URL removed]
There are a few ways to estimate how much you will need to pay in quarterly taxes: project your income and expenses for the whole year and divide by four, or do estimations by quarter [3:43].
Estimated quarterly taxes are due four times a year on April 15th, June 15th, September 15th, and January 15th of the following year [4:10].
You can pay online, by phone, or by mail [4:25].
It's better to overpay than underpay to avoid penalties [4:39].
The video recommends the "Handyman Clarity Bundle" for a discounted rate of $27, which includes information on taxes and marketing [4:54].
Track your income and expenses meticulously [5:21].
Factor in all of your expenses, including self-employment tax, when estimating how much you owe in taxes [5:33].
The video recommends using tools like Company Cam, QuickBooks, and a Home Depot Pro account to stay organized [6:59].
9 июл 2024
