How much should I set aside for taxes?
A simple habit: every time you get paid, move a set share into a separate tax savings account before you spend anything. This calculator helps you pick that share. It does not calculate your tax.
The full amount your customer paid you.
Many owners start between 25% and 30%. Your accountant can tell you the right number for you.
Enter a payment amount to see how much to set aside.
This is a savings habit, not a tax calculation. Your actual tax depends on your income, state and how your LLC is taxed.
Should I ask about an S corporation election?
Check the boxes that are true for you. If three or more apply, it may be worth a conversation with an accountant.
An S corporation election uses IRS Form 2553 and has a deadline, so ask early.
General information, not legal, tax or financial advice. Your actual tax depends on your income, state and how your LLC is taxed. Confirm the right set-aside percentage with an accountant.