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Level 1
posted Aug 30, 2023 3:50:58 PM

Timing of Self Employment quarterly taxes for my startup in mid May

I worked until mid May and was having taxes withheld by that employer.  Then in mid May I started my own business.  I have not paid any estimated self employment or income taxes yet for.  

 

How should I start?  Wait to pay with Form 1040-ES by September 15th?

Pay an estimated amount for the May taxes asap and then the June through August by September 15th?

 

Further information, I received a refund for my 2022 income taxes and did not need to make quarterly payments while employed until I went out on my own in May. 

 

Basically I had planned to estimate my net income from May through August 31st and multiply it times 25% (approximately 10% was my taxes for last year plus 15.3% for self-employment) and pay it by September 15th.

 

Thanks

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1 Replies
Employee Tax Expert
Aug 30, 2023 3:56:40 PM

Hi @LPMurray !

 

It sounds like you have a good plan for the amount you are estimating.  I would definitely make the September 15th estimated payment and include anything for up to that point.  

 

Here are a couple resources that you may find useful:

https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-how-to-determine-what-to-pay-and-when/L3OPIbJNw

 

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

 

Hope this helps!

Cindy