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?
Exactly.
If you arent trying to scale up to the moon or get VC funding and go public or something, this is exactly the kind of stuff you should do. Buy stuff on the business accounts and save your personal income to reduce taxes.