getting to be a tax paying climber

[outlawtree]

I have been climbing for two years now, and have been grounding before that. I work full time for a company. I am a decent climber and others have noticed how far I am coming for being 21 and have hired me for side jobs. I am saving for my own set up to put any tree on the ground, but now I wonder about getting a tax number and business account for my side jobs. I want to be legal, but I dont know how to bid work seeing everyone has told me the Gov will tax me 35% of it. I really cant find much online on tax write offs? Is it just the taxes I paid for the gear that come off my income tax, or is it a total cost of the equipment? I am planning on getting insurance, but am trying to figure out this tax stuff, or if its to much of a hassle to not do side work at all.

 

[BC WetCoast]

Canada or the US?

 

[CanopyGorilla]

I will piggy back here. Also thinking of going contract climber. What do you guys buy for personal/ liability insurance? What hourly does it take to pay out FOR YOU to make it worth contract over employee? I'm in the U S

 

[sgreanbeans]

These Q's cant really be accurately answered. Insurance is different all over the board. Get with a CPA and get the skinny of what is required in your area. Anything you buy that has anything to do with the business, keep the receipt.

 

[DR. P. Proteus]

Your not a business without insurance so get the insurance. For now you can just add whatever money you make to your regular taxes without any trouble. Its simple. Once you name a business, a small process and fee, then you get and use a tax ID number, for now your SS number is your tax ID number. You will need insurance to register a business. Even now everything you buy is deductible from your income which is generated by you. I don't think by any tax law you have to be insured, licensed, trained, or anything else as long as you pay your taxes. Its the ins companies and license bureaus that investigate and want to know if they are overcharging you enough then once they sold you all that then the tax people want more.