conniem123
Employee Tax Expert

Get your taxes done using TurboTax

Hi kbroy1985,

 

Congratulations on the new adventure!  It's a great time to think about your taxes prior to filing your tax return, and making estimated tax payments since you will not have any tax withholdings.

 

Many newly self-employed people are surprised at their tax bills at the end of the year because they notice they're suddenly paying a lot more in tax as a self-employed person than as an employee. That's because they're carrying the full burden of paying for their Social Security and Medicare.

 

Here is a great resource that will address your item 1) and 4), do you need to make taxes and general guidance, https://turbotax.intuit.com/tax-tips/self-employment-taxes/the-self-employment-tax/L8xXjolB4.

 

The dates and method for payments are in this link, https://turbotax.intuit.com/tax-tips/self-employment-taxes/myths-about-quarterly-taxes-for-the-1099-....

 

You can use TurboTax to file your 2023 tax return, which will include Schedule C - Profit or Loss from Business.  You can not make your IRS and state estimated tax payments from within TurboTax.  You will use the IRS website and your state website to make your payments, https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes

 

I hope you find this information helpful!

 

 

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