Ok, tax time around. LLC S-corp. My wife has her W2 and I do have mine. The profit is $100k. My tax accountant says I have to pay our tax bracket on this profit. In our case 30%. So $30k in taxes.

I get that I have to pay taxes but what is the best way to deal with this? I can’t predict the year end profit so I don’t want to pay quarterly.

How do you deal with this?

  • aplarsen@alien.topBEnglish
    1·
    10 months ago

    Pay quarterly, max out a SEP IRA or 401k.

    Your CPA should be printing you coupons with amounts to pay quarterly.

    • Zealousideal-Milk907@alien.topOPBEnglish
      1·
      10 months ago

      We would have to offer SEP IRA or 401k to all employees which we don’t want to do as this is too expensive. I don’t think we can exclude all employees from such plan if we participate in it.