Expert: Ivan Roth - 10/9/2009

Question
i am thinking about starting a dba (sole proprietorship) home improvement company. this will be a small business, remodeling bathrooms and kitchens, building a deck, etc.   most of the work will be subcontracted out. what will my tax liabilities be and how often (when) do i need to file?  do i have to make a profit in order to file?

Answer
Hi Alice sorry for the  delayed answer. Yes you need to have a proofit then you must file quarterly estimated taxes and add 15% for the self employment tax

do not forget to ask your subs for a W9 so you can file 1099s this is iregardless of profit, good luck with your ne business

Even if this does not relate to taxes you should be sure that you and your  contractors have workers compensation and liability insurance before you undertake any work