Confused New Small Business Owner

[SEA728]

I recently opened a small private speech practice. I am the only employee in the practice and this will not change. I also work fulltime for a school district. I always file my taxes with turbo tax but now that I have the small business I know I need to make quarterly estimated payments and submit a tax form with the payment. Can I do this through TurboTax? Do I need a different TurboTax to file taxes for my personal and my small business or do I submit my small business income along with my regular full time income? To complicate things further, I also file Married Filing Jointly. Any help would be greatly appreciated.

[xmasbaby0]

Congratulations on starting your own speech practice.    You will not file quarterly tax "returns."   You might want to make estimated quarterly tax payments, which can be done by mailing checks or money orders or by going online to the IRS payment site.

All of the combined income you are receiving will go on your personal Form 1040, including the self-employment income.   Unless you have set up the speech practice as an S-corp or C-corps, you are not an "employee"----you are a sole proprietor.   You cannot be your own employee.   If you have, in fact, set it up as an S-corps, post back for further help.

SELF EMPLOYMENT INCOME/“side jobs”

If you have self-employment income for which you will pay self-employment tax for Social Security and Medicare,  you will need to use online Premium software or any version of the desktop software download so that you can prepare a Schedule C for your business expenses.

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

https://ttlc.intuit.com/turbotax-support/en-us/help-article/form-1099-nec/1099-nec/L5qTsBiSe_US_en_U...

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

https://blog.turbotax.intuit.com/self-employed/self-employed-tax-deductions-

calculator-2021-2022-50907/

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

https://www.irs.gov/payments

If you live in a state with a state income tax, you might need to make estimated payments to your state.

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

https://ttlc.intuit.com/community/business-taxes/discussion/self-employed-don-t-miss-these-tax-moves...

And....you can still file a joint return with your spouse.  Filing jointly is almost always better.