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How much do I set aside for quarterly taxes?

  • February 6, 2025
  • 2 replies
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Monica R
HoneyBook Community Team
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When I set aside a certain percentage of money for taxes owed each quarter, I should be calculating that percentage from the gross revenue, correct? 

​@Rachel Auffant’s question from the Tax Season Simplified! webinar with ​@Geily Romero 

Best answer by Geily Romero

Hi Rachel! 

That’s great to hear that you’re setting aside money for estimated tax payments each quarter, good for you! 👏

Essentially, estimated tax payments are exactly what they sound like, they’re just estimates. Yes, you could calculate it off the gross revenue (top line), a good rule of thumb is to set aside approximately 25-30% as savings for estimated tax payments. 

2 replies

Geily Romero
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  • Geily Romero
  • Newcomer
  • Answer
  • February 6, 2025

Hi Rachel! 

That’s great to hear that you’re setting aside money for estimated tax payments each quarter, good for you! 👏

Essentially, estimated tax payments are exactly what they sound like, they’re just estimates. Yes, you could calculate it off the gross revenue (top line), a good rule of thumb is to set aside approximately 25-30% as savings for estimated tax payments. 

Geily (Haley) *Financial Advisor & Consultant* l www.cuttingedgefinancialsolutions.com
    Rachel Auffant

    Thank you!

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