Ok, tax time around. LLC S-corp. My wife has her W2 and I do have mine. The profit is $100k. My tax accountant says I have to pay our tax bracket on this profit. In our case 30%. So $30k in taxes.
I get that I have to pay taxes but what is the best way to deal with this? I can’t predict the year end profit so I don’t want to pay quarterly.
How do you deal with this?
We would have to offer SEP IRA or 401k to all employees which we don’t want to do as this is too expensive. I don’t think we can exclude all employees from such plan if we participate in it.