What % of your income do you escrow for taxes?

Discussion in 'Business Operations' started by NewbieNC, Jan 1, 2007.

  1. NewbieNC

    NewbieNC LawnSite Member
    Posts: 67

    I was curious as to what % of your income do you escrow for paying taxes? Do you hold out 13%??
     
  2. Richard Martin

    Richard Martin LawnSite Fanatic
    Posts: 14,700

    I made quarterlies at about 12.5% of unadjusted gross. I see you're a "newbie". Do not put your money into an account prior to paying them all at once. The IRS will penalize you. Make quarterly payments. Certain states get real aggresive about collecting quarterlies. Big penalties.
     
  3. Duekster

    Duekster LawnSite Fanatic
    from DFW, TX
    Posts: 7,961

    I pay the IRS Monthly.
     

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