Hello Janet_21,
Congratulations on becoming self-employed even though it comes with some tax responsibilities. As a self-employed individual you're responsible for estimating and paying quarterly to the IRS and to the state of Arizona. I assume your business is a single-member LLC, in which case the LLC itself is not taxed at both federal and state level but you're still required to pay estimated taxes, if you meet certain conditions:
1. At Federal level - you must pay estimated taxes if you expect to owe $1000 or more when your return is filed.
2. At State level - If you meet the threshold as a full year resident
Please see the link below for more information.
IRS - Who Must Pay Estimated Tax
Single-Member LLCs in Arizona
Estimated tax payments are due as follows:
- January 1 to March 31 – April 15
- April 1 to May 31 – June 15
- June 1 to August 31 - September 15
- September 1 to December 31 – January 15 of the following year
You cannot prepare or pay your Estimated taxes through Turbo Tax but you can do both at the IRS website here:
Pay As You Go, So You Won’t Owe: A Guide to Withholding, Estimated Taxes, and Ways to Avoid the Esti...
You can also use Turbo Tax Calculators to estimate your self-employed taxes. Click here
Self-Employed Tax Calculator
I hope this answers your questions.
Rgds,
Esther M
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