How much should i set aside for tax purposes? just so i’m not leaving everything in my account till tax time
I’d say a good rule of thumb for SE tax is around 22-25%, which would cover state and federal. KEEP TRACK OF YOUR EXPENSES. You’ll no doubt have many deductions now that you are filing SE.
Sales Tax would be separate and will be paid quarterly (at least in our state).
The best advice I can give is get an accountant. To find out all the in’s and out’s never assume anything when it comes to the IRS,.
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You should be setting aside at least 30% for taxes, I would even do 40%.
If you end up setting aside too much then you have a nice bonus.
Ya get in touch with an Accountsnt tell her/him
you want to pay your taxes monthly an your sales taxes will be quarterly.
If you have sales tax
I save 40% always have extra.
