I read your question to mean "how much should I set aside out of each closing fee so that I will not be short on funds to pay my taxes next year when I file." Obviously, one should talk to a good CPA when one files and also for advice to go forward.
My best rule of thumb for the question the way I stated it is, since you have withholding on your job, the safe thing to do ids set aside 25% of each fee in a separate holding/savings account until next year's taxes are ready for filing [2015 taxes filed in April 2016]. If that is a significant overhold, reduce for the next year until you get it right. However, follow your CPA's advice if different from mine.
GOOD LUCK! |
