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    janelle28's Avatar
    janelle28 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 17, 2008, 08:43 AM
    Taxes on a cleaning business
    I just started my own cleaning business and would like to know how much taxes to withhold from each check?
    Clough's Avatar
    Clough Posts: 26,677, Reputation: 1649
    Uber Member
    		  
    #2

    Sep 19, 2008, 02:54 PM
    Hi, janelle28!

    I just moved your question to this topic area because I thought that it would get noticed more and answered to your satisfaction the best here.

    Thanks!
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Sep 20, 2008, 05:22 PM

    Read about self employed tax filing and payment of estimated taxes: Your U.S. Tax Return: Tax Filing by Self Employed Sole Proprietor or Independent Contractor
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Sep 23, 2008, 08:46 AM
    If you just started, you should withhold about 25% from each check received and put it in a separate account so that it is available to pay your tax bill come 15 April 2009.

    If your gross receipts hit $50,000, up the percentage to 33%.

    Next year, you will have to make quarterly estimated tax payments using Form 1040-ES.
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