LRay_EA
Employee Tax Expert

Self employed

Hi Wendychico,

Congratulations on the new business. You will file your business income and expenses with your personal annual return. What's important to know is that estimated taxes are due quarterly only if your tax liability is $1000 federally or more. Depending on your total income for you and your spouse and your number of dependents  will help you determine if you need to pay estimates. You can use our Tax Calculator https://turbotax.intuit.com/tax-tools/calculators/taxcaster/  to see if you will have a tax liability for 2023. If your New York state tax is $300 or more you will need to pay state estimated tax. 

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