Self employed

Hi SmallBiz, 

When you file your annual tax return for 2023 you will include a schedule C with your return. This is where you will report all income and expenses (total by category) for your business. Our TurboTax Premium Online or Home and Business for desktop will help you tackle your annual tax filing including self employment taxes. TurboTax is not used to file sales tax but is used to prepare quarterly estimated taxes should you need to pay them in 2024. Your annual tax filing will include your portion and the employer potion of social security and Medicare taxes which is called Self Employment Tax. It will also calculate your federal and state tax liabilities owed from your self employed net income. Since you started your business this last month you could make an estimated tax payment by September 15 (for income earned in August), then January 15, 2024 (for income earned through Sept - Dec 2023) depending on your net income for the business. Federal estimated taxes are paid on a form 1040ES and Michigan forms are MI-1040ES.