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PrePaidLegal
Forums Member
Joined: 24 Jun 2010
Posts: 2
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#1 · Posted on 24 Jun 2010 16:01
I get paid up-front commission on a daily basis through my business. The only thing is, I'm not sure how much of a percentage I need to take out and set aside for taxes. Is there a special formula I should use or a general rule of thumb?
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mreese601
Forums Member
Joined: 15 Jul 2010
Posts: 113
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#2 · Posted on 15 Jul 2010 02:11
Well, it really will depends on how much you project to make. If you not making 50,000 then it would be safe for you to put 33%. But make sure you keep up with all your business expense because all your expense can be written off.
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FreeCashMan
Forums Member
Joined: 31 Dec 2007
Posts: 1134
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#3 · Posted on 15 Jul 2010 03:02 · Edited by: FreeCashMan
You may want to consult some home business accounting books from the library or an actual accountant to get proper advice.
And then there's always a Google search 
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dslavinski
Forums Member
Joined: 6 Aug 2010
Posts: 22
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#4 · Posted on 13 Aug 2010 04:49
yes 33% is a good amount to set aside and when tax time comes and you only owe 29% you can take a nice vacation on the other 4%. I always set aside more than will be taken so i get a little bit of money to treat myself with in the end.
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BabyStepsMama
Forums Member
Joined: 6 Jan 2012
Posts: 17
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#5 · Posted on 6 Jan 2012 15:59
Best thing to do would be to consult a tax lawyer. I use my companies lawyer through my benefits package.
Lawyers are not as expensive as you may think.
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