Self employed

Hi @Pmobley1,

Thanks for your question! I'd be happy to help.

It can be challenging for self-employed taxpayers to know how much to pay in terms of quarterly estimated tax payments. When you have multiple sources of income, as you do, it can be even more complicated. I'll provide some guidance below.

1. I advise that you first use our TaxCastor calculator to determine where you might land for 2023 (the calculator is currently still pointed at the 2022 tax year since that is the current tax year, but you can still use it to estimate 2023).
2. If you see that you will owe, I recommend that you go ahead and make an estimated tax payment as soon as you can. Here is an article about how to set up an estimated tax payment on the IRS's website: How do I make estimated tax payments?
3. When you file your 2023 taxes, make sure to enter in TurboTax that you made these payments. Reference this article: Where do I enter my estimated tax payments? 
4. Going forward into future tax years, I recommend that you do plan to make estimated tax payment each quarter. Here is a great IRS resource that discusses the entire process: Pay As You Go, So You Won’t Owe: A Guide to Withholding, Estimated Taxes, and Ways to Avoid the Esti... 

I hope this information is helpful, @Pmobley1! I will keep eyes on this thread in case you have a follow-up question. Thank you again for your great question!