ECN Forum Forums General Topics of the Trade General Discussion Area Electrician vs. Electrical Contractor

John,

One other thing that we have to worry about as contractors, SALES TAX! We had to almost keep 2 seperate books, (NO Not good and off the record.)but we had to keep one book for new work and one for service work. We had to charge sales tax for any job that had repairs, but not the new home improvement work. I don't miss that plus the payroll.

Harold:
How did you know what I'm running on the other 'puter???

Paid a few vendor bills, ran the payroll for 4, ran the fed witholding, printed the checks.....stuffed the envelopes.

In the things to do column......
Federeal Tax forms, 4th qtr
FUTA Tax forms.
W2's
State Witholding End of Year
State Unemployement & Disability EOY
Sales tax; 4th Qtr & EOY

Prepare for the BIG insurance rate hike..
(Liability, Automotive, & Workers Comp)
RATES ARE GOING UP, UP...

That's some of the stuff an Electrical Contractor has to put up with, or hire (and pay) someone to do it.
BTW, we average about 750K year, so I guess that makes "us" a small guy shop.
John

HotLine1,

Is that 750K per year before expenses such as payroll, material supplies to do the jobs, etc... ?

John,

That was one thing I DON"T MISS! To tell the truth, I stunck at the businees end of this trade. Lucky for me my brother was working for me and he went to college for accounting. He was a wiz at those books. He was one of my part time workers, He had another job and worked for me every Mon. and Thur. 1/2 day. My mom also helped out she was a bank teller. So between those two, they knew better and wouldn't let me near the check book.

Someguy:
No, it's $750K gross sales.

Harold:
Yes, the paperwork is a pain, specially at the end of the year. I use Quickbooks, it does mostly everything, except the NJ Tax Forms. Tried a few other programs, found Quickbooks, and have been happy. (You have to stay current with the Updates/Upgrades.)

I have an accountant, and see him twice a year.

Maybe, someday I'll pack in the tools, and do the AHJ thing full time?

John