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Tax Question

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  • Tax Question

    Do you have a tax question? Ask it here.

    Here is a question from Muayad:

    Q: If I make roughly 40,000 sales and 10,000 is profit,
    what kind of payment to the IRS should I expect to pay?

    A: If you are a sole proprietor who does not itemize you can expect to pay
    anywhere from 15%-25% of your net profits to the IRS. This is obviously the
    simple answer as there are other factors that could effect your situation.
    Your best best will be to get in touch with a local CPA or tax advisor that
    can help you determine your tax situation before year end in order to get a
    good idea of where you will be come tax time.

    Hope this helps.

    D. Matthew Patrick, CPA

    Patrick Accounting
    & Tax Services

    8820 Trinity Road
    Suite 202
    Cordova, TN 38018
    Tel: 901.755.5858
    Fax: 901.755.7774
    Mobile: 901.848.9490

    visit us at
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  • #2
    for me liviing in Michigan, I always figure 35% (that is total state and federal). It's actually something like 35.2% or 35.7%, I just can't remember the exact figure


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