Filing my first quaterly self-employed taxes

[user1727]

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.

[icalvo · Accepted solution]

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

https://ttlc.intuit.com/turbotax-support/en-us/help-article/self-employed/write-business-expense/L8d...

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[SwapnaM · Accepted solution]

 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.

1. An expense is ordinary if it is common and accepted in your industry.
2. An expense is necessary if it is helpful and appropriate for your business.

https://turbotax.intuit.com/tax-tips/small-business-taxes/taking-business-tax-deductions/L5RueYPVS 

@user1727 Thanks for the question!!