How Much to Set Aside for Taxes as a Small Business Owner

Open your business bank account with Relay: https://startupwise.com/relay/ Get $100 when you sign up (fund your account with at least $100) In this video, I go over the three types of taxes every self-employed business owner actually owes, the exact percentage of income you should be setting aside so tax season never blindsides you, and a system you can put in place today to make saving for taxes feel automatic. If you've ever owed more than you expected or scrambled to find money before a quarterly deadline, this is the video you needed six months ago. Our favorite business must-haves: 💳 Best business credit cards: https://startupwise.com/creditcards 🏦 Novo (best business bank): https://startupwise.com/novo/ 🖥️ Best AI website builder (/month using code STARTUPWISE): https://startupwise.com/hostinger/ ⚙️ Northwest (best LLC formation service): https://startupwise.com/northwestLLC/ 💰 Payroll with Gusto (get 2 months free!): https://startupwise.com/gusto/ 👨‍💼 Best overseas staffing agency (save 80% on payroll): https://paired.so/startupwise Be sure to watch this video until the end because I'll walk you through the five mistakes that cost small business owners thousands of dollars every single year, explain exactly how quarterly estimated tax payments work so you stop guessing, and bring everything together into a system that actually holds up when your income changes month to month. This is the stuff no one tells you when you first go out on your own. If you run a small business and taxes feel like a moving target, this video gives you the framework to get ahead of them. You'll learn how to calculate your quarterly payments, what income percentage to hold back for federal and self-employment taxes, and the five mistakes that make tax season more painful than it has to be. If you found this video helpful, be sure to check out our other videos on: LLC Write-Offs That Increase Your Tax Refund: https://youtu.be/NSjUJ7MOD0s How to Track LLC Expenses to Maximize Tax Deductions: https://youtu.be/BUn21NHUA5g Request New Videos Here: https://forms.gle/k9TtfauggkEpAWNQA More tutorials on our website: https://www.startupwise.com Thanks for watching! I hope you have a wonderful day! – Sen #Business #Finance #Entrepreneurship Timeline: 0:00 - Introduction 0:21 - Overview 0:44 - The Three Taxes You Owe 3:01 - What Percentage to Set Aside 5:50 - The System That Makes This Automatic 8:25 - How Quarterly Estimates Actually Work 10:01 - Five Mistakes That Cost People Thousands 12:16 - Bringing it All Together 12:43 - Conclusion Disclaimer: Some of the links above may be affiliate links, meaning I may receive a small commission if you click on them. The commission is paid by the retailers at no cost to you, and this helps to support our channel and keep our videos free. Thank you! All info from our videos is compiled from online sources and our own experience, and we encourage you to do your due diligence. We appreciate your viewership! In addition, we are not financial advisors. StartupWise does not provide tax, legal, or accounting advice. The ideas presented in this video are for entertainment purposes only. Please do your due diligence before making any financial decisions.