I recommend you continue to check on your tax liability using TurboTax tax caster.
Tax Caster
It's also proactive to do tax planning to get the most of deductions and credits including retirement contributions.
Start Tax Planning
The self-employed 401(k) contribution limits are $23,000 in 2024 and $22,500 in 2023. This is the amount you can contribute in elective deferrals, up to 100% of your earned income as a self-employed individual.
Self Employed 401K
Additionally, if you have independent contractors and/or employees there are filing requirements due in January.
Have an amazing day. Evelyn M (CPA 20+ years)
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