W-2 and Sole Prop

[Richard S Oregon]

Hi, I was  W-2 employee for the first half of 2023 and am now self employed. I need to file my first quarterly taxes for Fed and the state of Oregon.  I have no clue how to begin but assume there are worksheets that are simple to complete. Also does my W-2 job impact the Sole prop when paying quarterly estimates?

[Ruth C-L]

There are at least three ways to figure out if you should make estimated tax payments.

1. You could use the TurboTax Tax Caster app.

2. Or in your TurboTax Tax Home, you can click on Add a State to your 2022 tax filing in the Tax Returns and Documents area of the home page you are looking at.  You will not actually be adding a state, but just opening the interview.

Then first open the Federal Interview; then go to Other Tax Situations; once there then go to Other Tax Forms, and then finally go to Form W-4 and Estimated Taxes.  You can then adjust your income and deductions for estimated taxes as well as adjust the tax withholding. 

3. You can also use the handy IRS app to determine if you need to adjust tax withholding from wages or make estimated tax payments. https://www.irs.gov/individuals/tax-withholding-estimator

Ruth, CPA, Esq.