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I make 4500 a month, how much to keep for taxes to pay at the end of the year if am incorporated?
first time to be incorporated so am really confused
3 Answers
- ?Lv 74 years agoFavorite Answer
Depends what you're paying yourself out of this - as a corporation, the company is making that, not you. If you then pay yourself, you have both corporate taxes and individual taxes to worry about. This can work in your favor, this can also screw you up. Get an accountant to set up the right solution for you - it's worth the money to set it up right. Don't crowdsource that from idiots on the internet - you get what you pay for, and free advice is usually worth shît.
- Max HooplaLv 74 years ago
If you are that confused the best advice your are going to get from anonymous posters here is to pay for professional advice.
- JudyLv 74 years ago
C, or S corp? or just an LLC? With a C or S corp you pay yourself as an employee, taking out taand expensesaxes, then pay tax on your share of the corporate income. With a single member LLC thee LLC income just go on a schedule C on your personal return.- you don't just put the money aside, you make quarterly estimated payments. You'd be wise to get professional help, at least for your first year.