First time, do I need to pay quarterly taxes?

[NH32]

This is the first year that I am doing some freelance work (and in addition to a salaried role). It is only a few hours a month for a smaller amount of money. Do I need to file quarterly taxes since the amount is so small or wait to file yearly? Also, for deductions, what percentage of total yearly income can be claimed?

[Cindy4]

Hi @NH32 !

Congratulations on your freelancing!

If you expect to owe more than $1,000 in tax at the end of the year, you will want to pay quarterly tax estimates.  Here is a guide:  https://turbotax.intuit.com/tax-tips/self-employment-taxes/a-guide-to-paying-quarterly-taxes/L6p8C53...

You will want to deduct any business related expenses from your income.  There isn't a set percentage or amount.  Claim anything that is related to producing the business income.  

Here is another good resource for self employment tax guidance:

https://turbotax.intuit.com/personal-taxes/self-employment-taxes/

Hope this helps!

Cindy