BarbL
Employee Tax Expert

Self employed

To add to shirleyh88's response, it sounds like you may be asking about quarterly estimated taxes as well as your annual business/personal taxes taxes which she addressed.  

 

You may be required to make quarterly estimated tax payments for your business income if you expect to owe more than $1,000 after subtracting withholding and tax credits when filing your return.  If you fail to make those estimated payments, you will likely face an penalty at tax time.  

 

This TurboTax article explains those quarterly estimates in detail, and has instructions on how to make the payments.  A Guide to Paying Quarterly Taxes 

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