Important Tax Considerations for the SelfEmployed Handyman
One of the difficulties that can arise from being a self-employed handyman is figuring out how
to handle taxes. Understanding tax law is obviously something most people would rather not
get into,...
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Important Tax Considerations for the SelfEmployed Handyman
One of the difficulties that can arise from being a self-employed handyman is figuring out how
to handle taxes. Understanding tax law is obviously something most people would rather not
get into, due to the sheer complexity of the tax code. As a handyman working for yourself there
are a few things you should know about your tax situation, and if you have employees there are
several other things that you might want to keep in mind.
First of all, if you are self-employed, there's nobody else withholding taxes from your
paycheck ever week. Because of this, the IRS requires that you do so you, in the form of
"estimated taxes". Estimated taxes are generally paid on a quarterly basis, but done so on a
somewhat odd schedule. Estimated taxes are paid using an IRS Form 1040-ES, and these tax
payments are due April 15, July 15, September 15, and January 15 of the following year.
Failure to make these payments can result in stiff penaltie
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