SwapnaM
Employee Tax Expert

Self employed

Thanks mpsaeta for the question!! Kudos on the new adventure!!

 

 If you work as an independent contractor, a sole proprietor, a member of a partnership that conducts business, or a person who otherwise runs a business  as your own, you likely need to pay quarterly estimated taxes.

 

 Quarterly taxes generally include self-employment taxes (Social Security and Medicare) plus income tax on the profits that your business made and any other income. If you are also an employee, then you can either increase your withholding with your employer by filling out a new W4. If not it is suggested that you make estimated tax payments depending on your income earned.

 

TurboTax Help article: Starting a new Business 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"