Sole Proprietorship

[rafmarino]

I am looking to start a sole proprietorship to take on some additional income.  What are some tax considerations (deductions, quarterly payment of taxes, etc) I should take?

[AR_CPA2]

Hello rafmarino,

Thanks for joining us today!

Your additional income will be subject to regular tax as well as self-employment tax.  You can either make the Quarterly estimated tax payments or update your W4 (in case you have a regular W2 income), and increase your withholding from the W2 income. 

Useful links below for more info:

https://ttlc.intuit.com/turbotax-support/en-us/help-article/business-tax-credits-deductions/starting...

https://www.irs.gov/pub/irs-pdf/p535.pdf