seeing as though I didn't really make much income until Nov/Dec 2011, I won't truly have to claim income until April 2012. i;m wi/ Amazon so i didn't get paid for November's earnings until January 2012.
that said, I was pretty surprised to find out likely how much I'll end up paying.
i was quoted around 40%. since I am a small business owner, not only does my "company" get taxed, but when technically i "pay the employee" - ie myself.
even if i keep the $$ within the business and don't transfer it over to my personal account.
that's some pretty hefty crap when I look at in numbers. If I make $1000, $400 of that belongs to the IRS. If make $100,000, i really only get $60,000.
i'm thinking i should get an LLC. taxes will eat my soul if i don't officially segregate the two