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October 19, 2018
Question

Single Member PLLC Tax Planning

  • October 19, 2018
  • 1 reply
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My wife just started a single-member PLLC in Texas. How do we plan for taxes? Do we need to pay the IRA quarterly, or do we need to just set aside money each month in anticipation of paying when we file our taxes next year? In either case, what percentage does she need to set aside? Does she also need to pay self-employment tax? And if so, on what basis and when?

    1 reply

    Carl11_2
    October 19, 2018

    You will need to pay taxes to the IRS quarterly. If you send the IRS 20% of your gross business earnings each quarter, then you will be fine come tax filing time. Being in Texas you don't pay state taxes. So no need to address it.