I am a first-time consultant and filing my 1st quarterly self-employed taxes. Which tax form should I use to pay estimated taxes, and how can I best calculate the estimated deductions to determine my income?
Thank you in advance for any help you can provide.
Hi user1727! Welcome to the event.
To file your quarterly self-employment taxes, you should use form 1040ES.
Here is a link to the IRS website for estimated taxes.
https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes
The best way to calculate your business deductions is to start with your bank statements of deposits and withdrawals.
Here is a link to what you can deduct
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Individuals, including sole proprietors, partners, and S corporation shareholders, generally use Form 1040-ES, to figure estimated tax. You can also use Tax Caster
https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes
To determine whether you can deduct an expense for your business, ask yourself: Is this expense both ordinary and necessary to the business? The IRS requires both elements.
https://turbotax.intuit.com/tax-tips/small-business-taxes/taking-business-tax-deductions/L5RueYPVS
@user1727 Thanks for the question!!
Hi user1727! Welcome to the event.
To file your quarterly self-employment taxes, you should use form 1040ES.
Here is a link to the IRS website for estimated taxes.
https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes
The best way to calculate your business deductions is to start with your bank statements of deposits and withdrawals.
Here is a link to what you can deduct
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Individuals, including sole proprietors, partners, and S corporation shareholders, generally use Form 1040-ES, to figure estimated tax. You can also use Tax Caster
https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes
To determine whether you can deduct an expense for your business, ask yourself: Is this expense both ordinary and necessary to the business? The IRS requires both elements.
https://turbotax.intuit.com/tax-tips/small-business-taxes/taking-business-tax-deductions/L5RueYPVS
@user1727 Thanks for the question!!