Self employed

I started working freelancing as an tutor for about a year now. At first I hardly made anything . It's taken several months to get clientele. I pay taxes monthly to my state. Earlier this year I tried to file at IRS. I've tried to look at the IRS website but I'm very confused to which form and where to apply? Is it quarterly ,monthly or yearly? Earlier this year I just paid when I filed my taxes for the year. I want to file regularly but I don't know how to go about it. Since I'm not making much should I just wait and pay yearly when I file? Where should I go and which schedule should I use ? Should I file monthly or quarterly ? Thank you for your help!

Hello, Would I still need to submit a quarterly payment prior to the September 15th deadline if I left my W-2 job in March 2023 and have made less than $5,000 in income as a contractor so far this year? Thank you! 

Hi! I officially started a sole-proprietorship this year and my spouse has W-2 income. Last year we used my spouse's W-4 to withhold more money to cover my business taxes. We still ended up short and incurred an IRS penalty. This year I wanted to try paying quarterly taxes, but missed the 5-day advanced registration deadline for paying 1st quarter taxes via the IRS's EFTPS system. So I used the IRS Direct Pay instead. My question is: as a business, should I officially register and use the EFPTS system, or can I continue to use the Direct Pay System? And a second question: do we really need to set up a formal business checking account at a bank (where you show your business license etc) or is a separate personal checking account sufficient? I contributed toward a SEP IRA last year and my understanding is that *ideally* those contributions should be transferred from an official business account. Thank you so much!!!!

I am rather overwhelmed and confused about all of this. If I were to go see somebody about my taxes, who should I go to? An accountant, a book keeper? a tax preparer, etc?

I sold things on Mercari that were given to me, all under about 2-3k total for the year. Do I need to file taxes on that? And if I do, should I do that quarterly? 

AMT credit to be more precise.

I already kind of asked this question, but I have a better way of wording it that might make it an easier answer? I am not married yet, but is it smarter to remain "single" and not be married when filing taxes?What is the difference when filing "married separately" or filing "single"

Amount not yet deposited 1747

Reading these questions make me realize I might be responsible for quarterly filing which I haven't done. Will you tell me more about 1) the penalty, and 2) if there is a way to correct the mistake and pay the missed quarter(s)?

I am an independent stylist with Color Street. When purchasing gifts and giveaway items such as a tumbler, face masks, nail files, etc. Would you classify those as advertising expenses? Also, I do not do inventory I purchase all my nail sets to use as giveaways or I will put on a set on and post it in group for advertisement. Can all my sets be wrote off as expenses or advertising?  If you put that you had an inventory because you thought you had to can you change it to no the next year? 

Why is there such a huge discrepancy between Intuit Self Employed Quickbooks in terms of quarterly tax calculations and what actual 2023 Tax law is? I use Intuit Self Employed Quickbooks, had a CPA review my books and there was a >$25,000 discrepancy in what I owed in federal quarterly taxes. One issue is the software still uses the 2022 100% meal coverage law.What will Intuit due to reconcile these discrepancies?Had I not had a CPA review my books I would have had sticker shock in April 2024.

Let's say the previous tax year you made in the area of $85k as a sole proprietor and the contract providing you most of your income ended this tax year.If you're not sure whether you'll be making $0 or more within a given quarter and/or you're currently in a negative cash flow situation, what is the minimum estimated tax payment you should make? In other words, I don't want to have to be penalized for making less than my cost of living. Thanks.

After e-filing my Virginia 2021 return, I received a  Enterprise Products Partners 2021 Form 502 Schedule VK-1, “Virginia Pass-Through Entity Owner’s Share of Income and Virginia Modifications and Credits”. The form has very little info. on it – a taxable income figure which is negative, a total additions figure, and no tax credits. A Virginia Schedule VK-1 Worksheet for  income and credits is not included in my Turbo  Tax Premier 2021 program, whereas it is included in the 2022 program. How do I handle this? Amend my 2021 Virginia return and attach a copy of the schedule (although I don’t know where to enter this info in Turbo Tax)? Mail the form in separately, or just keep it for my records?

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Great info - thanks!  I've been tracking many of these expenses but will definitely get more detailed going forward. So now... more questions:Airfare is the team's expense; can I claim transportation to/from the airport (taxi, Uber, Lyft, etc.)?If/when I drive my personal car I usually get reimbursed for mileage, and sometimes tolls - but not always; each team is different.  There are also club memberships one sometimes needs to purchase for event insurance coverage, and a subscription for race monitoring.  If teams don't reimburse for these, may they be claimed? Thanks again!  Today has been very helpful.

I'm having trouble figuring out whether to track my mileage or take the standard deduction. Is there an easy way to figure out which is best for me?

I started a photography side business this year and plan to do sole proprietorship, what are the steps to file that way?

There is a new form I am told all LLCs will have to fill out starting in 2023. I was told that there are daily penalties starting in 2023 if this form is not filled out. What is this form?Do sole proprietorships (single member LLCs disregarded entities) have to complete this form?What is the purpose of this form? Why is the IRS now requiring it?

My internet has been down all day until now. I only have 45 minutes left and have a lot of questions. Is there a way to see all of the questions asked with their answers after 5pm?

Hi, I recently purchased an electric vehicle with the expectation that I will receive up to +-$7,500 in federal rebates when I file my taxes. However, I have already made 2 quarterly payments to the IRS for my 2023 taxes. Will that potentially limit the amount of rebates I am eligible for, or can I carry forward my 'prepaid taxes' to next year?  Thanks in advance,  Marie 

Hey there!One final question- as a freelancer, am I expected to pay both FICA and federal income taxes quarterly? So, 27.3% (15.3 + 12% after my tax bracket) as well as the additional $1100 before the annual April filing? I’ve only paid FICA thus far, unaware of the rest until today. Will I be penalized heavily if this is considered a late payment?

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How do I generate and report 1099 for people I hired?

Hello,  now that i will be paying quartly taxes, how does it calculate in turbo tax next year?