Is the IRS going to kill me for this?

[Account Closed]

I had to make this topic over, I hated the way that typo looked on the other topic but here's the situation.
I'm a full time wholesaler and am looking to make a significant amount of money wholesaling this year (goal is 300k). Now I'm also going to be rehabbing houses this year but I'm trying to find out how much of my profits I should put away for taxes. What do you guys suggest? 1/3 or 1/2? If you tell me a half I'm going to throw up lol. But seriously I'm just trying to make sure if I put a percentage in an account for taxes be good at the end of the year. Thanks in advance.

[William Bannister]

Well more is better then less but why not instead put money in based on how much u make every month and adjust up if u have a good month or ect? Either way 300k is pretty speculative unless u have done this in the past. I am not trying to reduce your projection just trying to let you know unless you have a ton of capital in place already the last thing I would worry about is how much to set aside. If this is really an issue do an online search on your tax bracket for your state taxes and for fed and its available. A guy makes 300k a year doesnt care if they have to write a check for 3k or 5k;) That is chump change.
Just set aside or pay in the money monthly and you will be good to go. If you really think 300k is going to be the target income you hit plan on at least 40% getting set aside. If you really think you will make this much I would do some deals inside a self directed IRA if you have any cash to do that with. Also if you have kids plowing money into a 529 is a good idea. Other tax reduction areas exist in buying medical and using it as a deduction but normal business expenses like office and vehicle and tools of the trade like internet and phone services used as well as utilities in your office are all deductible.