Hi @bozley2016
Congrats on starting your own business! Yes, being self employed or an independent contractor gives you the satisfaction of being your own boss but also comes with the responsibility of making the estimated tax payments.
To determine the amount of quarterly estimated taxes you should pay may be a little tricky the first year. Here is a tool to help you:
Estimated Payments Calculator
Once you have your tax return prepared for 2023, TurboTax will help you to estimate future taxes based on your 2022 income. Keep in mind that it is your responsibility to make adjustments if you have an increase from the estimates that TurboTax computes. Consider evaluating your income every quarter to make sure you are on track to have your best estimate of taxes owed during the year.
You can make and track your estimated tax payments on the IRS website by creating an account at
IRS Tax Payments
There are lots of great resources out there for the self employed. Here is one more link to a TurboTax article for you to review.
Estimated Taxes FAQ
Please reach out with additional questions!
Melanie, CPA
