Hello, I am employed full time, and also have substantial income through
contract work that I do outside of my full time employment. This income
varies from quarter to quarter and year to year. Do I need to pay
quarterly taxes even though I am also a...read more
Is there a "benefit" to counting something as Hobby or misc/other income
vs business income? Or are these simply different categories to list
different sources of income?From what I understand, any income that you
make needs to be reported to the IRS...read more
takinekoPosted October 27, 2021
| Latest post a week ago by
Deb4now
9/19/23 Hi. It feels like you return to the Turbo community family each
year, like Thanksgiving time. I'm back.Here we go:(Home and Business
version) I'm self-employed. Solo private practice. Finally getting to
the 2022 Returns. (had filed extension)...read more
Solo LLCI opened Business checking acct funded by personal income. Put
in $230 total. No actual business revenue and I must close business and
banking. Do I need to pay a self-employment tax on this money that I
used to open the account?. --Since it ...read more
Dh52Posted 3 weeks ago
| Latest post 3 weeks ago by
Dh52
Hello, I am working as a contractor for the first time and has signed a
W-9 and confirmed that I will receive a 1099 report next year for annual
tax filling. I was wondering what quarterly taxes are and how/why do I
need to do them. How often do I ne...read more
When estimating quarterly taxes what is a general rule of thumb for
amount? Also, where should those payments be made? The IRS website is
janky and I am concerned my $$ will get lost somewhere
Do you have to make estimated self-employment taxes quarterly (assuming
approximately $6,000/yr in self-employment income)? If so, how do you
figure out how much to pay? TurboTax helps you make estimated payments
for federal and state taxes, but what...read more
slyeddiePosted February 15, 2023
| Latest post 3 weeks ago by
VolvoGirl
Hello, I am married and just started my own business as an independent
hair stylist (booth rent). We both have always been W2 employees & have
always filed jointly.Does my quarterly tax payments need to include my
spouses at all? Can I just estimate ...read more
rwhalen1Posted August 30, 2023
| Latest post 4 weeks ago by
VolvoGirl
Hi! I have been paying my quarterly estimated taxes based off the
information I received when completing my taxes last year. I am
expecting to have more income however this year - is there a way to
estimate my taxes with the increased income so I am ...read more
fieldman11Posted August 30, 2023
| Latest post 4 weeks ago by
tide