Cindy4
Employee Tax Expert

Self employed

Hi @NH32 !

 

Congratulations on your freelancing!

 

If you expect to owe more than $1,000 in tax at the end of the year, you will want to pay quarterly tax estimates.  Here is a guide:  https://turbotax.intuit.com/tax-tips/self-employment-taxes/a-guide-to-paying-quarterly-taxes/L6p8C53...

 

You will want to deduct any business related expenses from your income.  There isn't a set percentage or amount.  Claim anything that is related to producing the business income.  

 

Here is another good resource for self employment tax guidance:

https://turbotax.intuit.com/personal-taxes/self-employment-taxes/

 

Hope this helps!

Cindy

 

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