Self employment tax

[Leanne07]

I have been self-employed and thought I was retired last year, however I have been working for the past 9 months.  I haven't made any tax payments.  Should I just wait until I do my taxes for 2023?

[Anonymous]

Hi,

Here is a link to the IRS withholding estimator. This link will help you determine if you owe:

https://www.irs.gov/individuals/tax-withholding-estimator 

Here is a link to TurboTax TaxCaster as well:  https://turbotax.intuit.com/tax-tools/calculators/taxcaster/ 

If you owe for 2023, you are going to owe less on taxes if you make those payments in 2023, or at least sometime around 1/15/24 for the 2023 tax year.

Here is a link to eftps where you can make those payments electronically:

https://www.eftps.gov/eftps/ 

Thank you,

John

CPA