Generally, you should set aside 30%-40% of your business income for taxes. Remember, you pay your business taxes quarterly, so you should set aside your revenue frequently.nnSetting up a separate bank account and transferring the funds regularly is advisable. You might even want to set up automatic transfers.nnSafe Harbor RulennUnder the IRS safe harbor rule, you won't be penalized for underpaying your taxes if you pay the same amount for the same quarter from the previous year.