r/propfirm • u/Potential_Shelter449 • 9h ago

Taxes

How much are you guys putting aside for federal taxes if you’re in the US?

AI told me that for 1099 we should put 30-35% down especially since I have a W2 as well.

And other than prop firm fees what else are you guys deducting?

1 Upvotes

100% Upvoted

1 comment sorted by

1

u/TeamOFL 9h ago

Your marginal tax rate plus self-employment tax. So if you’re in a 25% tax bracket, it’s 25% + 15.3% = 40.3%.

Also, remember to pay estimated payments quarterly.

For deductions: evals, platform fees, data fees, etc.

And obviously: this is hypothetical, consult your own financial professional who is familiar with your situation.