You don't need to register to start your tax planning and yes, you can claim the business portion of the laptop you use for your business as a business expense. You can estimate your income and yes, you will need to make estimated payments to avoid penalties. There are helpful links below that answer your questions. Good luck on your new endeavor!
If you don't have an employer who give you a regular paycheck and a W-2 at year-end, you are self-employed. You need to keep track of your income and expenses, and vehicle mileage, if you use your vehicle in performing work for which you earn taxable income. As a self-employed taxpayer, you'll also see some new forms on your tax return. We'll automatically fill these out for you in TurboTax.
- Schedule C: This calculates your net profit or loss, which carries over to Schedule 1, line 3.
- Schedule SE: This calculates your self-employment tax, which shows up on Schedule 2, line 4. You get to deduct half of it; that amount transfers over to Schedule 1, line 15.
- 1040-ES: We'll generate four of these estimated payment vouchers, one for each quarter, if (like many newly self-employed people) you didn't withhold or pay enough taxes throughout the year. These vouchers are for next year's return, in case you need them.
Here are a few more helpful articles to help you get started down the right path to reporting your self-employment income/expenses (and taking advantage of the tax breaks!).
Self-Employed Tax Deductions
Reporting Business Income and Expenses
Using a Vehicle for Business
Beginner's Tax Guide for the Self-Employed - a nice summary of the information above.
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