Just extremely curious, don’t know if this a touchy topic but just wondering what you guys made in 2018 after taxes? This goes for one man shows and crews. Also include how long you’ve been in business as well and what part of the country you’re from.
After taxes income depends on how good, informed, and helpful, your tax preparer is.
I’m gonna be honest though; I have no idea how self-employed income tax worked - that’s why I posted this. Kinda, also to hype me up for 2020. I love cleaning windows; and I love the money that comes with it.
I won’t post my actual figures, since there are so many variables involved. But let’s just say it would probably take a yearly salary of around $65k + benefits, and a very flexible work schedule with plenty of time off during the winter, to tempt me away from being self employed. Cost of living is “relatively” low in my area.
I’m 13 years in; built my business slowly and rather lazily for the most part. In VT
Find a good tax preparer or CPA who can work with a small business. Tax laws can be rather unforgiving, don’t let “I didn’t know” be your defense - it isn’t one.
There are so many other things that go into this equation: supplies, insurance, tools, licensing, monthly/quarterly local and state taxes etc. I did not “need” to buy much of the stuff I did in year one but I truly “JUMPED” in the deep end and this year I am doing some small hops and hopefully next year on the lines for expenditures it is nothing much more than rubber and resin.
That said: I am new so 2018 was Year 1
Location Las Vegas NV
After taxes and expenses–> 52k
And claim percentage of square footage of home for home-office; storage space for gear and material, insurance, medical, telephone, cable/internet, office supplies, coffee, copier ink, paint for home office, toilet paper, cost for bank account, mileage on vehicle, uniforms, marketing material, website, etc. Lots of things you can claim to lessen your tax burden.
Not as much as pressure washing makes, let’s put it that way.