Self-Employed Tax Pre-Payment

[adamodan]

I'm an independent consultant. It's very hard to predict my income from that work during the tax year, so I make quarterly IRS tax payments based on actual billing that quarter. How do I estimate the tax to pay on this income?

[MichaelG3]

Thank you for asking! I recommend using our calculator for self-employment tax at https://turbotax.intuit.com/tax-tools/calculators/self-employed/. 

[Juliane22]

Hello adamodan!

Calculating estimated taxes can be tricky. When you prepare your taxes in TurboTax, the program can calculate the estimated payments for the upcoming year for you. 

You can also use this calculator to estimate as well - https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

In addition, the IRS has instructions on calculating your payments found here - https://www.irs.gov/pub/irs-pdf/f1040es.pdf

I hope that helps!
Juliane