Ok fellas, I’ve searched and cant find an answer so. What percentage of a home inspection fee would go to my paycheck? What I’m looking for is a way to break down my fee’s for proper distribution of the pie so to speak. Thanks
Pay your bills and the rest is yours.
After Uncle Sam. LOL
You should go through the business class and master class course.
Thanks for pointing me in this direction.
A good CPA is valuable. He/she can set up a chart of accounts and you can keep the books with an app and take the totals to him/her at then of the year for tax preparation.
You should definitely have this conversation with a good accountant (CPA, not bookkeeper). You need to consider self employment tax, payroll taxes and whether you’re an LLC, an S-Corp, or other. A good CPA will ask whether you expect to have other employees or not, as that will inform many choices in how you set up your payroll.
Payroll is not the only way you derive compensation from your business. There are also legitimate (legal) ways to take owner/shareholder draws that will be taxed differently from Payroll. Sometimes a low base pay is best, then when business is good, you take a draw. Other times, it’s best to pay it all through payroll, making your base pay high, but creating other tax implications for retained earnings on the business side.
All of that should be considered. Which is why you need to consult a CPA. Relationships with a good CPA and a good lawyer as as important as owning a good ladder. They’re all tools that will help you stay safe.
Thank you Gabe