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If I am earning $125K/year as owner of a sole proprietorship

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and will have about 25K...
If I am earning $125K/year as owner of a sole proprietorship and will have about 25K in expenses annually, how much should I estimate in taxes? 25% or 30% of my annual income?
Submitted: 6 years ago.Category: Tax
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4/1/2011
Tax Professional: Richard, Tax Attorney replied 6 years ago
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,803
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Good morning. A $100,000 in income, depending upon your filing status...single, married, etc., is going to put you somewhere in the 25% to 28% tax bracket.

 

 

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Customer reply replied 6 years ago

Dear Expert,

 

I am going to file my estimate taxes. I am married but my husband is an employee of a company, so I am filing as owner of my sole proprietorship consulting company. Do I simply fill out the form and send in a check for 28% of my income since January? I just formed the company Jan 1. Or, do I deduct my expenses to date from my income to date...and pay 28% of that number? thanks!

Tax Professional: Richard, Tax Attorney replied 6 years ago
I suggest you send in 28% of your estimated NET expenses...otherwise you will have sent in too much at the end of the year.
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,803
Experience: 29 years of experience as a tax, real estate, and business attorney.
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