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?
Just try to guesstimate and pay some quarterly.
For the profit, try reducing it with expenditures that can grow your business. We’ve purchased vans at the end of the year that helped expand our service offerings - better than giving it all to taxes at least.