To try to avoid my usual 15 paragraphs of information, my wife has started a business out of our home. It is gaining speed and I'm looking forward to the extra income to come. But I have some questions about taxes.
We are already saving about 40% of the money she makes (through private pay and state pay) to go into any possible taxes we would have to pay at the end of the year. She also works part-time at her old job, and I work full time outside of the home.
My question is, I have changed my taxes at work to take an extra 10% (approximately) of my paycheck to go to taxes, and while I feel I am being overly cautious with what we will have to pay at the end of the year, I figured it'd be a good buffer should we pay more than what we are expecting. Am I being too cautious in this? Am I not taking out enough? For the record, my wife's job should not take us into a different tax bracket, the money she makes from her business is lost from time off from her old job.
Thanks for everyone's help.
Submitted September 08, 2017 at 07:47AM by JSsmitty http://ift.tt/2wNIo09
