Self employed

If you expect to owe at least $1000 at tax time then paying estimated tax during the year is a good idea in order to avoid an underpayment penalty.   Take a look at your own withholdings and try the taxcaster tool and the self-employment income tax estimator.

 

https://www.irs.gov/individuals/tax-withholding-estimator

https://www.irs.gov/pub/irs-pdf/fw4.pdf

 

Try the Taxcaster tool:

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

 

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

 

 

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

 

When you prepare your tax return you will need online Self-Employed or any version of the CD/download so that you can enter your own W-2 income and the self-employment income for which you will have to prepare a Schedule C.

 

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

 

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

 

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

 

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

 

 

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**