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consulting_guy
May 3, 2020
Question

How to deduct income tax when paying myself?

  • May 3, 2020
  • 1 reply
  • 0 views

I own a small consulting company. I have no capital costs and have not invested any $ to start up and am working from a home office. I need to pay myself for the first time. How do I ensure that I set enough $ aside to pay the applicable income tax at the end of the year? 

1 reply

L
LauraAB
May 4, 2020

Hello consulting_guy,

 

Being able to pay yourself for the first time is definitely exciting, and I want to make sure you're able to handle this properly both in and outside of QuickBooks Self-Employed. I'll point you in the right direction.

 

For this kind of question, I encourage you to speak with an accounting or bookkeeping professional as they'll have the training to back any advice they're able to offer you in this situation. I'm a QuickBooks tech support agent with the ability to help you navigate the features of the program, but for accounting matters, I leave it to the pros.

 

Since you're looking to set up your books to start paying yourself, it may even be worth considering switching to a different version of the program as the Self-Employed version is simplified to income and expenses. I'll leave you with the following page in case you'd like to take a look at the other QuickBooks options: All QuickBooks Products

 

Wishing you the best!

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