The Top 4 Tax Tips Successful Home Cleaning Services Need

Stephanie Glanville | December 18, 2018 | Read time: 4 minute(s) | Form 1099 Series, Form 94x Series, Small Business, Tax Tips, W-2 Forms | No Comments

Owner of Home Cleaning Services business completing housekeeping job Running a small business is never easy–especially when offering home cleaning services. You work day in and day out to beautify the space of others and have most likely seen your fair share of uncleanly projects and housekeeping jobs. But what about Uncle Sam’s big mess of taxes?

Tax season is quickly approaching and you need to be prepared to handle any tax return 2018 that is needed for your business. Here are the top 4 tax tips successful home cleaning services need.

The Top 4 Tax Tips Successful Home Cleaning Services Need

1) Keep Your Records Organized

Handling quarterly and yearly taxes require detailed information for your housekeeping jobs, business, and its employees. Information such as employer/payer details, employee/recipient details, and wage amounts must be provided to complete 1099s, W2s, and 94x series tax return 2018.

Tip: Once you have this information available, make a digital copy to have on hand, when needed.

2) Review Changes to Tax Codes

National and local tax codes can change each year, based on decisions by legislation and Congress. Even the Federal Unemployment Tax Act (FUTA) credit and taxes can be affected annually. Prior to filing your home cleaning services or personal income tax return, be sure to review any possible changes to tax codes.

3) Pay Quarterly Taxes

Individuals who owe less than $1,000 in taxes after federal income tax has been deducted are exempt from paying quarterly taxes.

However, if you owe this amount or more, you must pay taxes quarterly to the IRS as a self-employed individual. Quarterly payments that are missed must be paid by the annual April 15 deadline.

Tip: Always set a few funds aside throughout the year to cover quarterly tax payments.

4) Take Advantage of Business Tax Deductions

One of the greatest gifts to small business owners and self-employed individuals is business tax deductions! There are some great deductions for home cleaning services and housekeeping jobs.

Here are a few that you will want to include when you file your income tax return:

Uniform Cost/Maintenance (shoes and aprons included)
Fees for insurance, licensing, or bonding (paid to an insurer/trade organization)
Cleaning supplies & equipment
Mileage or gas (work related)

File With A Trusted IRS-Authorized E-File Provider

House cleaning team working at housekeeping jobs We understand how busy the holiday season can be for your business–which is why TaxBandits provides a simple, easy-to-use e-filing solution to handle employment taxes.

Register for your FREE TaxBandits account today and avoid expensive IRS penalties for failing to file 2018 employment taxes by the upcoming January 31 deadline.

In a matter of minutes, you can easily complete and transmit all of your 1099s, W2, and 94x series returns for your housekeeping jobs business all under one account.