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Level 1
posted Aug 30, 2023 3:36:10 PM

First time, do I need to pay quarterly taxes?

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?

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1 Replies
Employee Tax Expert
Aug 30, 2023 3:40:45 PM

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/L6p8C53xQ

 

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