topic Re: Estimated taxes in Self employed

Estimated taxes

Ptorres9 — Wed, 30 Aug 2023 17:41:31 GMT

I read you only need to do estimated payments if you expect to owe tax of $1,000 or more when your return is filed. how do I know whether I’ll owe $1000? I only just started in June as a digital artist via patreon.

Re: Estimated taxes

rschule1 — Wed, 30 Aug 2023 17:43:17 GMT

The Turbo Tax – Tax Caster app is a helpful application to estimate future taxes-

TaxCaster

Re: Estimated taxes

Laura_CPA — Wed, 30 Aug 2023 17:49:06 GMT

Hello Ptorres9,

Happy to answer your question, hope all is well on your end. $1,000 is the threshold for required estimated tax payments to the IRS.

You want to use our Tax Calculator (https://turbotax.intuit.com/tax-tools/calculators/taxcaster/) to get an estimated tax liability based on your Digital Artist income and expenses from June through December 2023.

If you have other sources of income, that may be included as well. Please let me know if you have any additional questions regarding the above mentioned.

Cheers,

Laura