Commercial Bids and taxes

[chadj]

Ive did residental lawn care for the last 4 years. This upcoming year I plan to bid on commercial jobs. Should I plan to profit about the same off of commercial job as I would residental job? My biggest road block right now is I dont have a clue how much to set back to cover my taxes. I know this varies by state, so if there are anybody from Kentucky in here it would be a great help! Otherwise any ideas on how to plan for Federal taxes? I have no employees as of now.

[stevef1201]

Lawn care business tips

Originally Posted by chadj Ive did residental lawn care for the last 4 years. This upcoming year I plan to bid on commercial jobs. Should I plan to profit about the same off of commercial job as I would residental job? My biggest road block right now is I dont have a clue how much to set back to cover my taxes. I know this varies by state, so if there are anybody from Kentucky in here it would be a great help! Otherwise any ideas on how to plan for Federal taxes? I have no employees as of now. Your local government has all the information on how much you will be required to pay in taxes. It may take a little research but here in florida I go to MY Forida dot Com and they have all the links I need for information, I am sure that your state has a similar website. try googleing doing business in (whatever state).

[Steve]

Are you paying quarterly estimating taxes? Do you know what your tax rate is?

What you can do is keep track of how much you make each month. Figure out how much you need to save to pay taxes and then at the end of the quarter, you should have enough set aside to pay your quarterly taxes.

Does this help?

[chadj]

I have searched the web, including ky state web site and have only found ways of paying taxes (including IRS). Maybe I've overlooked something somewere.

I'm starting from scratch, I'm going to purchase my biz license in january maybe, they'll have the info I need then, as far as state. I'm just trying to get everything planned out before time to bid. Don't want to jump into everything blind.

Also, here in Kentucky I'm pretty limited to alot of things. Are there any insurance companies you would reccommend online? Nobody local offers liability policies for lawn services.

[Steve]

There are a bunch of discussions on here about insurance companies.

Check out
http://gopherforum.com/showthread.php?t=11259
Here is another
http://www.gopherforum.com/showthread.php?t=16277

Both of these discussions suggest insurance companies to check out.