What percentage of income does the speaker recommend setting aside for taxes?

Eric DeeranOne mission — help agency owners build businesses they actually love running.

How to always have enough to pay your taxes every year as a freelancer or video business owner….💸

23 Feb 2022 · 1 min

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0:37

A short YouTube video by Eric Deeran offering a personal, practical tip for freelancers and video business owners: set aside 30% of each project payment into a separate bank account labeled for taxes so the money is mentally and physically segregated and available when tax bills are due. The speaker notes this is personal experience and not professional tax advice.

Questions this video answers

30%

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I'd have more than enough money every single year for taxes as a freelancer or video business owner. So every time I get paid for a project, I take 30% of that and I put it into a separate account, bank account, that's marked tax account. So this is physically not my money. And I make that mental shift that 30% of this money is not mine. So when taxes come around and I have to pay my taxes, I typically use that account to pay for the taxes. And it doesn't actually diminish or hurt because I'm not actually taking it out of money that I already have. I'm taking it out of an account that I've already marked for taxes. So that's a little tax hack. I am not a financial or tax person.