Self employed

Greetings @aubreylausinhang !

Congratulations on this new journey and looks like you are starting off on the right foot!  The IRS is a pay as you earn system so ensuring your pay taxes quarterly is a great way to avoid paying extra taxes at the end of the year and avoiding any penalties for underpayment.  Here is the Turbo Tax estimator in case you would like a tool to use for future to make sure you are on track: TaxCaster   This tool also takes deductions into consideration so you don't over pay as well!

Deductions can change from year to year, there are some standard ones that are adjusted yearly for inflation and others that come and go based on changes in tax laws.  Turbo tax will ask you questions to ensure you are covered.  The best way to keep on top of deductions is to follow the IRS updates page  IRS Tax Updates  and also we are here year round to help you see how changes may impact you!

1.  If you are not considered and employee your would be a sole proprietor and receive a 1099 at year end showing how much your were paid for the year.  To know if you qualify for QBI you would need to meet the following requirements.   Most taxpayers that are self employed or own businesses qualify if total income is under a certain amount (for tax year 2022 that amount was $170,050 for single taxpayers).  Turbo Tax will ask you a few questions and determine if you are eligible and even calculate the credit for you!  Here is an article that provides more details:  QBI 

2. WFH deductions can be filed in Turbo Tax.  The software will ask you if you worked from a home office and proceed to ask about your expenses.  You don't need to submit the documentation to file your return, but you would need to keep them in your tax files in case of an audit (like you would for any other items reported on your tax return).

Wish you all the best in your business adventures and please reach out if you have more questions, we are here to help you!