Quarterly Tax Estimation Worksheet - Alliance for Contractors

QUARTERLY TAX ESTIMATION WORKSHEET

Alliance for Contractors - Building Success Through Professional Financial Management

Tax Year: ____ Quarter: ____

COMPANY INFORMATION

Company Name: _________________________________ Federal EIN: _________________
Business Address: _________________________________ State Tax ID: _________________
Business Type: _________________ Accounting Method: _________________

CHART OF ACCOUNTS - CONTRACTOR CATEGORIES

Account Code Account Name Account Type Description
1000-1099 Current Assets Asset Cash, receivables, inventory
1100-1199 Fixed Assets Asset Equipment, vehicles, tools
2000-2099 Current Liabilities Liability Accounts payable, accrued expenses
2100-2199 Long-term Liabilities Liability Loans, equipment financing
3000-3099 Equity Equity Owner's equity, retained earnings
4000-4099 Contract Revenue Income Primary contracting income
4100-4199 Other Revenue Income Service calls, materials markup
5000-5099 Direct Materials Expense Job-specific materials and supplies
5100-5199 Direct Labor Expense Field labor, subcontractor costs
5200-5299 Equipment Costs Expense Equipment rental, fuel, maintenance
6000-6099 Operating Expenses Expense Office, insurance, utilities
6100-6199 Administrative Expense Professional services, licenses

QUARTERLY INCOME PROJECTIONS

Revenue Source Q1 Q2 Q3 Q4 Annual Total
Contract Revenue - Residential $_________ $_________ $_________ $_________ $_________
Contract Revenue - Commercial $_________ $_________ $_________ $_________ $_________
Service & Repair Work $_________ $_________ $_________ $_________ $_________
Materials Markup $_________ $_________ $_________ $_________ $_________
Other Revenue $_________ $_________ $_________ $_________ $_________
TOTAL GROSS INCOME $_________ $_________ $_________ $_________ $_________

QUARTERLY EXPENSE TRACKING

Expense Category Q1 Q2 Q3 Q4 Annual Total
Materials & Supplies $_________ $_________ $_________ $_________ $_________
Direct Labor Costs $_________ $_________ $_________ $_________ $_________
Subcontractor Payments $_________ $_________ $_________ $_________ $_________
Equipment & Vehicle Expenses $_________ $_________ $_________ $_________ $_________
Insurance Premiums $_________ $_________ $_________ $_________ $_________
Licenses & Permits $_________ $_________ $_________ $_________ $_________
Office & Administrative $_________ $_________ $_________ $_________ $_________
Professional Services $_________ $_________ $_________ $_________ $_________
TOTAL DEDUCTIBLE EXPENSES $_________ $_________ $_________ $_________ $_________

TAX CONSIDERATIONS & CALCULATIONS

Federal Tax Obligations

Projected Annual Net Income $__________
Federal Income Tax Rate (%) ____%
Self-Employment Tax (15.3%) $__________
Total Federal Tax Liability $__________

State & Local Tax Obligations

State Income Tax Rate (%) ____%
State Income Tax Liability $__________
Local Business Tax $__________
Sales Tax Liability $__________
Total State & Local Tax $__________

Quarterly Estimated Tax Payments

Total Annual Tax Liability $__________
Prior Year Tax Payments $__________
Safe Harbor Amount (110% of prior year) $__________
Quarterly Payment Required $__________
Payment Due Dates: Q1: April 15 | Q2: June 15 | Q3: September 15 | Q4: January 15 (following year)

CONTRACTOR-SPECIFIC DEDUCTION PLANNING

Deduction Category Current Year Projection Documentation Required Tax Savings Estimate
Vehicle & Equipment Depreciation $_______ Purchase records, mileage logs $_______
Home Office (if applicable) $_______ Square footage calculation $_______
Professional Development $_______ Training receipts, certifications $_______
Business Meals (50%) $_______ Receipts with business purpose $_______
Tool & Equipment Purchases $_______ Purchase receipts $_______
Uniforms & Safety Equipment $_______ Purchase receipts $_______
Total Deduction Benefits $_______ $_______

FINANCIAL REPORTING SUMMARY

Gross Revenue (Annual Projection) $__________
Total Deductible Expenses $__________
Net Business Income $__________
Total Tax Liability $__________
Quarterly Payment Amount $__________
Effective Tax Rate ____%
Net Income After Taxes $__________

ALLIANCE INTEGRATION NOTES

Automated Calculation Features

Alliance Partnership Benefits: This worksheet integrates with Alliance accounting partnerships to provide automated tax calculations based on your actual project revenue and expense tracking.

Available Integrations:

  • Real-time income and expense data from connected accounting software
  • Automated quarterly tax calculations with current tax rates
  • Integration with payroll systems for accurate labor cost tracking
  • Equipment depreciation schedules automatically updated
  • Mileage tracking integration for vehicle expense calculations

Tax Planning Optimization: Alliance members receive quarterly review notifications and personalized tax planning recommendations based on industry benchmarks and individual business performance.

Compliance Support: Automated reminders for quarterly payment due dates and tax filing requirements specific to contractor businesses in your operating jurisdiction.

Important: This worksheet is a planning tool. Consult with your tax professional or Alliance-recommended accounting partners for specific tax advice. Tax laws and rates may vary by jurisdiction and business structure.

Record Keeping: Maintain detailed records of all income and expenses. The Alliance recommends digital receipt storage and monthly reconciliation of accounts for optimal tax preparation.

Next Steps: Complete this worksheet quarterly, review with your accountant, and make timely estimated tax payments to avoid penalties and maintain positive cash flow.