SwapnaM
Employee Tax Expert

Self employed

Yes. You can increase the withholdings with your employer, Filing a new W4. If you have a "regular job" in addition to your self-employment, you may be able to increase your federal tax withholding at that job to cover the taxes on your self-employment income. If you can do so, you won't have to pay estimated taxes. However, if you still owe at least $1,000 even after increasing your withholding, then you must make some estimated tax payments. By year's end, your estimated payments (including employer withholding) must equal at least 90 percent of your tax liability for the current year or 100 percent of your tax liability from last year. If it doesn’t, you may be subject to an estimated tax penalty.

 

You can use the Tax caster tools: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

https://turbotax.intuit.com/tax-tools/calculators/w4/ 

 

 

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