Question by DW: How much money should I set aside for taxes for my small business?
I own a small business and it was just created in January 2011. I am planning on making about $ 10,000. Please let me know how much I should save for taxes in 2012? My thoughts are about 3,000 but I am unsure.
I am also planning on having about $ 5,000 in write-offs.
Answer by Farm Girl
Your best bet would be to discuss this with an accountant in your area. Tax rates are different for every state, county, and city. They also depend on the number of employees in your business.
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