Hi Cindy,
Thanks so much for your message!
Even with the one client I have now, I will have to pay more than $1000 in taxes by April 2025 and I am already interviewing to take on more clients. I only know an estimate of my taxes and how much I would make when I'm filing 2024 taxes with the one client I have now. I'm not sure how to estimate my taxes when I know I will have more income soon but I have no idea how much and exactly when. For this quarterly tax period should I just base that off of the 30% I've saved from this tax period?
I meticulously track every invoice that comes into my account, as well as how much I move for taxes, how much I pay myself, and what expenses I have for my business such as software or office supplies and that is paid for on my business debit card.
I have not been able to figure out/access any TurboTax tax calculating tool. It either has me sign in on Intuit where I would receive my paychecks for my previous job up until July 2024 or I signed up for the TurboTax expense monitor and I don't see where I can calculate my estimated self-employement taxes. Could you help me find how to do that.
When do you recommend paying quarterly taxes? Should I wait till closer to September 15th or will that depend on what the tax calculator estimates I should pay?
Should I calculate self-employment deductions for these quarterly taxes or do you do that when filing in April for the 2024 taxes?
Thanks Cindy!
