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?
There are so many ways to keep your money and do good things with it. Your own non-profit charitable trust can be written off of your taxes and put that money for scholarships or other assistance programs. We don’t expect the gov’t to do anything useful with our tax money, but in this way, we know it’s there to help pay for future and current employees certifications or the occasional one-off car fix. You need a better cpa/lawyer.