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
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.
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%...
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
