Taxes (Employer & Freelance)
Taxes (Employer & Freelance)
Out of context: Reply #10
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- tkmeister0
i would set aside about 35-40%. If you are 100% on 1099, make sure you pay quarterly estimate and also, max out your IRA and SEP. you can save so much on taxes that way. if you are mostly on W-2, then it's a lot easier.
Once, I owed about 24k on taxes and that was after paying quarterly estimate taxes. After maxing out my SEP and IRA, and a lot of expense write-off, my accountant successfully brought it down to 8k. that was really stressful experience.