LRay_EA
Employee Tax Expert

Self employed

The IRS considers your tax owed when determining if you need to file estimated taxes. If your tax liability is $1000 or more you need to be filing quarterly estimated tax payments. Here is the 2023 updates: https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2023 . It depends on your filing status and number of dependents how much your total tax would be. We have an awesome tool called Tax Caster that you can use to help calculate your taxes to see if you would need to pay estimated taxes. https://turbotax.intuit.com/tax-tools/calculators/taxcaster/ 

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