I am married with three younger youngsters. I work a W2 job and earned $17,500 this 12 months. My husband earned $66,000 this 12 months. I began an LLC/aspect hustle this summer season that has earned $51,000 thus far. I’ve put aside 30% of my aspect hustle earnings for taxes and have solely had about $4k in enterprise bills. Would it not considerably decrease the taxes I owe to improve workplace supplies earlier than the tip of the 12 months (extra $2k)? I am undecided tips on how to estimate my tax bracket, is it based mostly solely off the LLC earnings? Married filed collectively?
A number of member of the family are telling me I would like to make use of up cash earlier than the tip of the 12 months or I am going to simply should pay it to the federal government anyway. I do not see how that is potential, however I am new to having an LLC. Any recommendation could be very appreciated!
