Self employed

Q1: how much money do we set aside quarterly, to pay business taxes owed from the LLC- 15.3%?Q2: Of the gross earnings, are we only responsible for paying business taxes on the net profit?Q3: Is there a minimum amount of net profit that has to be earned quarterly to require us to pay quarterly tax? 

I have a small eBay business.  I was wondering what are some things I can write off at the end of the year?

Why do I have to pay quarterly taxes and how can I avoid it? 

Can i use turbotax to ammend my personal taxes to include mt llc taxes? If so what is the cost?

I started my LLC earlier this year with two other owners/members. We've outsourced our bookkeeping but I'm not yet paying for a tax accountant to be on call 100% of the time. Therefore, can you suggest a best online resource to things we should be considering when it comes to taxes? For instance, what should I be putting on the company credit card vs not (i.e. a new phone, internet at home, etc.) - OR are those things I should continue to pay personally and then "write off" at the end of the year?OR, another thing that has come up > are there other things we should be thinking of/tracking/handling a certain way so that our end-of-year filing is smoother? Thanks!

I drive a lot for my small business.  My vehicle has accumulated a lot of miles and I need a new vehicle.  Can I lease a vehicle for my small business and write it off on my taxes at the end of the year?

In the past two years I became a government contractor, recieving only a statement of payment form from my employer. I had not realized that I needed to file taxes differently, and submitted my taxes for last year in the stanard way in April. Since that date I have yet to submit any quarterly estimated taxes. Given this, here are a two of my questions: Which quarterly payements do I still need to submit, and is there any thing I need to do in particular in order to make up for these missed quarterly payments? Is there any other paperwork I need to submit along with my payment at the IRS website?

I am interested in selling photos online through stock photography agencies. To me this is just a hobby and I anticipate the income to be low and not something I would ever depend on. I already have a full-time career. Would I claim income from stock photography as hobby income on my taxes, since that is what it is to me? Or would the IRS declare this to be a business in spite of how I see it and operate? At least one agency I know of sends contributors with earnings a 1099-MISC every year. Given that a business usually requires the payment of regular income taxes plus self-employment taxes, I want to be sure I don't later have a problem because I didn't file correctly and pay everything required.

We have received oil & gas revenue in 2023 that is an unleased interest so it is considered a working interest I'm guessing.  We have made 2 tax deposits so far this year.  When I calculate this in TurboTax with my revenue and deposits made so far in 2023, it shows a large refund.  Do I need to continue to make tax deposit for the last 2 quarters of the year?

Hello! I'm just getting started going through the process of establishing a formal LLC business on my property that will be producing flowers as a flower farm. I'm very new to this process of business management. Here are a sampling of my questions: * How long is my business operational before I start filing quarterly taxes?* How do I account for loose flowers that are harvested, but not sold? * How do I account for bouquet-assembled flowers that are not sold? (Labor expense involved in addition to flowers)* Can I account for expenses before the LLC is officially operational/established?* I've made investments in advance of starting this business, for example - I have a greenhouse I've built for the purpose of this business, and I have a barn that I've been renovating that I'll be using for this business as well. Can I account for the costs of my up-front investments as part of my taxes?  I appreciate the assistance!

Having retired and now receiving Social Security plus pension, etc., I still have additional income from private practice, which I understand I have to pay SE on even though I receive SS. How much (or percentage) income tax and self employment tax should I plan for? 

I have been self employed since the pandemic, but this upcoming year I will be starting a new business on top of my already self employed other business. How would I file my taxes with this new business, and because it is new and currently not having any revenue at the moment, do I need to pay quarterly taxes on it?

When do you start filing self employed quarterly estimates? What forms do you use? Where can you file these estimates (can it be done through Turbo Tax?)?

I expect to earn $21,000 this year as a reading tutor.  $5,000 of this has already been taxed by a school where I was employed this summer.  Should I be making estimated taxes?  I file jointly with my husband and his gross income is approx. $250,000.

What is the income cutoff for filing quarterly estimated SE tax? Last yr income was under 40K. 

Will we have access to view everyone’s questions and answers after this event?

When I can filing my quarterly taxes with TurboTax , I know is live events today, but when I can start?

Is there a reference on what is needed for Quarterly Reporting?  Does Turbotax have software to help with quarterly business reporting?   What are benefits of quarterly reporting vs yearly reporting?

Hello, I am new to receiving self-employment income. The bulk of my income comes from a W-2 position. I make a smaller amount from a 1099 position. For the sake of discussion the amounts are approximately: W2 - $450k1099 - $60k I have 3 questions:  1. I have heard if I just set my withholding to 0 I can have the maximum taxes withheld from my W2 position and be in the “safe harbor”, not owing any estimated taxes. Of course these depends on the values of each income , but how do I know that I am there? Currently W4 has 4 dependents. 2. I have already missed the first two quarterly tax payments, can I pay make up amounts at the next payments due and how do I know what that amount would be? 3. In the above scenario, what if the penalty at end of year filing if I don’t pay quarterly? Thank you. 

Good afternoon- I am not sure if this is the live forum however I have questions on how to transition to an SCORP style taxing so that my husband and I may “pay ourselves”. I’m not sure what quarterly or monthly obligations that comes with and/or to make the switch. Can someone point me in the right direction? Mo G [phone number removed]

How much would I have to make to owe at least $1,000 in federal income taxes in NH? 

Hi,I am just starting my Sole Proprietor crochet business officially this month (registered with NY state and have an EIN).  Last year I was able to deduct some of my start up expenses on my regular tax form.  I am looking for information about how business expenses and deductions work.  NYS recommends a separate bank account to remit sales tax.  They also recommend an account for income.  Then here on TurboTax it warns against using a business account for expenses because they aren't all deductible?  So do I just keep purchasing yarn and similar supplies with my personal credit card and just claim it in the end?  My goal had been to get the business self sustainable where the income would cover the costs of the business and anything left over was my profit.  But now I don't understand what to do and I don't want to do anything wrong and ruin my financial life.-Daria

This is my first full year receiving a monthly fellowship stipend that does not withhold taxes.  The funding agency does not send W2 or any other type of tax documents (because fellows are not classified as employees).  Fellows simply receive a letter that states the amount we were paid during the year.  The total fellowship stipend that I received in 2022 was reported on Form 1040, line z under Additional Income.  Thus far in 2023, I have not paid quarterly taxes.  Should I submit quarterly taxes in September or wait to file next spring? 

Other payments less any refunds from schedule, line S3, below" cannot be less than 0 but it is?

how do i join the live forum??