Contributions

[charityking]

What is the normal percentage to contribute to my Square savings for taxes? Would it be whatever my state taxes are? Im new to using this Square feature. 

[Stacelyn24]

This is actually a really good question and we'll be using the Square Savings for our taxes pretty soon as well...so kudos to you.  Some financial reps states that putting up 15% - 20% of your earnings towards paying taxes is an excellent way of being prepared.  Hope this helps a little 🙂

[Doran]

I have two separate folders for taxes.  One is sales tax due and I put 10% into that even though my sales tax is 9.25%.  I usually have a little left over each quarter and I use that for my yearly city licenses and fees plus LLC tax, etc.  

For my income tax I meet with my CPA each year and he tells me what to project for the year and how much to save.  Usually it is between 22%-25%.  Again if there is an overage I use it to pay things like insurance and other city/state fees.