Teaching · For Tutors

Separate the money, set aside the taxes.

Work through identification, accounts, payments and money habits, then enter what you expect to earn. The checklist works out a monthly tax set-aside and the next federal estimated tax date.

Start the checklistWhat you get
$5one-time · every device you sign in on
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Included with Caveat Classroom and Whole-school licenses. Or get it in the Tutoring business kit, $69 for 64 items.

The banking checklist

One record per business, under a short code. Keep account and tax ID numbers out of it. The example is made up.

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What you get

Teaching · For Tutors$5 · included with Classroom and Whole-school licenses

What you finish with
For your business, the setup steps done and still open, a monthly and quarterly tax set-aside and the next federal estimated tax due date.
Who it is for
Independent tutors and new tutoring business owners setting up banking and records.
Format
Browser checklist worked through over the first weeks of the business. Saved records; printed with the summary or as a blank checklist; CSV; export and import a file.
Access
$5 one-time, yours on every device you sign in on; the tool opens once you are signed in with it. Included with Caveat Classroom and Whole-school licenses. Also in the Tutoring business kit ($69) and the Teaching Suite pass ($199), and 1 more bundle. Everything you type stays in this browser; nothing is sent to Caveat.
Where it lives
The For Tutors space in Caveat Teaching.
Support
Questions about an order, access or a correction: team@caveatacademic.com.
one account for the business, one jar for taxes
Drawn for this page. Keeping business money apart, and a slice of it set aside, is most of what makes tax time calm.

How to use it

  1. Start a record with a business code.
  2. Choose how the business is set up.
  3. Check off identification and accounts as you finish them.
  4. Choose how families will pay and set up money habits.
  5. Enter expected revenue and a set-aside share.

Start the checklist

What the checklist is for

EIN

An Employer Identification Number is free from the IRS and takes minutes online. A sole proprietor with no employees can use a Social Security number, but an EIN keeps that number off invoices and forms such as W-9s that clients ask for.

Estimated taxes

Self-employed people generally pay federal income and self-employment tax during the year with Form 1040-ES, in four payments, when they expect to owe $1,000 or more for the year. Self-employment tax is 15.3% of most net earnings, which is why set-asides often run 25 to 30%.

What this is not

A checklist in general federal terms, not tax or legal advice. States and cities set their own registration, license and tax rules.

Sources

  1. Internal Revenue Service, Employer ID Numbers (EIN): apply online, free of charge.
  2. Internal Revenue Service, Form 1040-ES, Estimated Tax for Individuals (payment due dates; the $1,000 threshold).
  3. Internal Revenue Service, Self-Employment Tax (Social Security and Medicare taxes for self-employed individuals, 15.3%).
  4. Internal Revenue Service, Publication 583, Starting a Business and Keeping Records, and How long should I keep records.

The example business and figures are made up. Federal rules in general terms; not tax or legal advice. Support: team@caveatacademic.com.