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Leo
Forums Member
Joined: 3 Jan 2006
Posts: 2
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#1 · Posted: 3 Jan 2006 00:49 · Edited by: Leo
Does anyone know what would be a decent per centage of income to be put aside every month for tax purposes? This is my first year as full-time self-employed or business owner, and I'm wondering how you guys do it to not have the door slammed on your thumb when tax season arrives?
Thank you in advance for the advice.
Leo
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talis18
Forums Member
Joined: 6 Dec 2006
Posts: 2
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#2 · Posted: 6 Dec 2006 01:12
Leo,
I know it has been almost a year since you have posted your question, but I thought other people might find this helpful as well. I did some research on the internet and found that most sites recommended putting aside at least 15% of you earnings for taxes and social security.
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LaneyS
Forums Member
Joined: 23 Jan 2007
Posts: 1
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#3 · Posted: 23 Jan 2007 22:03
One year I called H&R Block and they told me to save at lest 30%!
If you win the lottery, they will want 40%...
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sparkle
Forums Member
Joined: 25 Sep 2007
Posts: 12
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#4 · Posted: 26 Sep 2007 00:07
Its depends on how much your earning. Last year I put back 30% every month . I made almost a half of million last year. I did however have allot of deductions as well. I paid in over 50k through out the year and I was ok... My opinion is to take out at least 30% its better to be safe then sorry
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mmaatt
Forums Member
Joined: 4 Dec 2010
Posts: 24
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#5 · Posted: 7 Dec 2010 02:37
I always save 25%. Only once did i owe at the end of the year and it was only like $150.
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