Hi, I am preparing my quarterly taxes for the first time. I am a freelance Virtual Assistant under my LLC (my DBA/assumed name is the name of my business) and I got my first client on June 17th, 2024. So far I have only had this one client. I live in Minnesota. I found my client on the freelancing platform Upwork and I get paid through Upwork. Since my first day working with them (part-time) I have made around $2000 and put aside 30% of each invoice for taxes in a high-yield savings account. I am not sure if I need to pay quarterly taxes or honestly how to do it. I don't think I can afford to get an accountant and I'm not sure if that would be necessary at such an early stage in my business. Could you let me know if I have to pay (or how I can find out) and where/how you pay? Also, are quarterly taxes when you also put in tax returnable things? That is something I am a bit confused about. I saw online business owners are entitled to $1000 in tax returns for business-related items (I have a business debit card I use for any such purchases and that is also where my invoices are paid to) as well as things such a portion of rent when you have a designated office space. I really want to understand all of that, thank you!
