Get your taxes done using TurboTax

1. Yes, TurboTax can help you calculate your 2023 estimated taxes but you would still need to provide information since the Schedule C (sole proprietor) is not included in your 2022 tax return.
2. Yes, that is correct. I will provide some tips to help you estimate your tax below.
3. I would suggest returning your copy of TurboTax 2022 if possible.  You will need to purchase 2023 when it becomes available next year, but you have chosen a good product for your self employment.  If purchased directly from the TurboTax site you can contact us here: Product Contact Information

Estimated taxes are due April 18th, June 15th, September 15th, 2023  and January 15th, 2024.

How do you go about estimating your taxes for 2023:  First, you must track your expenses as well as your self employment income because yourself employment tax will be on the net profit.  

For self-employment net profit keep in mind that there are two parts to the tax, self employment tax and personal income tax.  

1. Calculate your net profit from your self employment (income less expense) for each of the following periods:
   1. Jan - Mar estimated tax payment due April 18th
   2. Jan - May estimated tax payment due June 15th
   3. Jan - Aug estimated tax payment due September 15th
   4. Jan - Dec estimated tax payment due January 15th, 2024
2. Calculate Self-employment tax (net profit x .9235 x .153 = SE tax) - same periods 
3. Personal Income tax (based on the rate at which your combined taxable income from all sources falls) - 
   1. Tax rates for 2023 - see page 7 of Form 1040-ES Instructions.
      1. Depends on filing status, taxable income amount from all sources (for the entire year) and anticipated itemized deductions if applicable or the standard deduction
         1. Use your 2022 tax return to see what the taxable income was without regard to your S-Corp income. If you can assume your other income and any federal tax withholding will be similar in 2023 you can ignore this step.  
            • 1040 Line 15 minus Schedule 1, Line 3 = Taxable income for 2022 plus the amount calculated in step 1 above.
      2. If you do not need to account for the other income on your return (see underline above) then you can just check your personal income tax rate for 2023 using 3.1. above.
   2. Once you have the combined amount for each period you can enter the amount on your Form 1040-ES and make your payment or pay online.
      1. IRS Make a Payment

The Instructions and payment coupons are included at the link above for Form 1040-ES.