Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
carsoasi
New Member

I just started driving with Lyft. Is there a way I can make weekly tax payments instead of waiting until the end of the year?

 
3 Replies
Critter
Level 15

I just started driving with Lyft. Is there a way I can make weekly tax payments instead of waiting until the end of the year?

Although the IRS allows weekly payments it doesn't get you anything extra and can confuse them so stick with the quarterly payments as directed.  You could put the weekly amounts into a savings account so you have the $ when the quarterly payments are due.
fanfare
Level 15

I just started driving with Lyft. Is there a way I can make weekly tax payments instead of waiting until the end of the year?

why does everybody here say the IRS is easily confused ?
You the taxpayer will have to keep track of all your payments.
VolvoGirl
Level 15

I just started driving with Lyft. Is there a way I can make weekly tax payments instead of waiting until the end of the year?

Sure you can pay estimated payments at https://www.irs.gov/payments
Pick 2017 Estimate.  You will still have to file all your income and expenses on your tax return and any estimates you paid.

Tax Tips for Uber, Lyft, Sidecar and other Car Sharing Drivers FAQ
 https://turbotax.intuit.com/tax-tools/tax-tips/Self-Employment-Taxes/Tax-Tips-for-Uber--Lyft--Sideca...

You will need to file a schedule C in your personal tax return for self employment income.  You will need to use the Self Employed Online version to fill out schedule C.

Here is some reading material……

IRS information on Self Employment….
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

Pulication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf

Publication 535 Business Expenses
http://www.irs.gov/pub/irs-pdf/p535.pdf

Self Employment tax (Scheduled SE) is generated if a person has $400 or more of net profit from self-employment on Schedule C.  You pay 15.3% for SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  You do get to take off the 50% ER portion of the SE tax as an adjustment on line 27 of the 1040.  The SE tax is already included in your tax due or reduced your refund.  It is on the 1040 line 57.  The SE tax is in addition to your regular income tax on the net profit.

There is also QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Online Self Employed  return....
http://quickbooks.intuit.com/self-employed


PAYING QUARTERLY ESTIMATES
The first year you don't need to pay estimates as long as you pay in (by withholding) as much as your tax was last year.  But if you will have a big income you should send in estimates so you don't owe too much next April on your tax return.

You must make quarterly estimated tax payments for the current tax year (or next year) if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
 
- 2. You expect your withholding and credits to be less than the smaller of:
    90% of the tax to be shown on your current year’s tax return, or
  100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)

To prepare estimates for next year you start with your current return, but be careful not to change anything.  If you can't get back into your return, Try this, you can sign back onto your account, click the Visit My Tax Timeline and then under SOME THINGS YOU CAN DO, click on Add a State.  This should get you back into your return.

You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

OR Go to….
Federal Taxes or Personal (H&B/SE version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button

The 1040ES quarterly estimates for 2017 are due April 18, June 15, Sept 15 and Jan 16, 2018.  Your state will also have their own estimate forms.  You mail in the estimates with a check or you can do it electronically at the IRS and maybe your state.

To just estimate the remaining quarters put in that you paid $1 for the quarters you missed so it will only calculate the remaining quarters.

The 1040ES quarterly estimates are due April 18, 2017, June 15, Sept 15 and Jan 16, 2018.  Your state will also have their own estimate forms.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.62m
Discussions

Manage cookies
v