As a general contractor, your profit margin typically ranges from 7% to 20% or more, representing the amount remaining after covering all job costs, and this margin is often calculated as a percentage markup.
Contractors and other self-employed workers have the opportunity to deduct various expenses such as home office costs, advertising expenses, accounting fees, phone bills, equipment depreciation, travel and car expenses, as well as healthcare and retirement contributions from their taxable income.
In the realm of contractors, it's customary to request a 50% down payment from homeowners, followed by an additional 25% at the midway point of the project (referred to as a "progress payment"), and the remaining 25% upon project completion.