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Where do I go to do my quarterly taxes as an independent contractor? How do I pay my taxes?

 
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2 Replies

Where do I go to do my quarterly taxes as an independent contractor? How do I pay my taxes?

You do not prepare or file quarterly tax returns.  You file one tax return next year at tax time.    If you are an independent contractor you may want to make estimated quarterly payments---but you can do that on the IRS site--you do not file an actual return.

 

https://www.irs.gov/payments

 

https://ttlc.intuit.com/community/tax-payments/help/how-can-i-pay-my-federal-taxes/00/26212

 

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

https://www.calcxml.com/calculators/self-employment-tax-calculator     (non-TT site)

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Hal_Al
Level 15

Where do I go to do my quarterly taxes as an independent contractor? How do I pay my taxes?

Quarterly Estimates
You should make estimated tax payments for the current tax 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. (110% if your AGI was more than $150K) . Your prior year tax return must cover all 12 months.


TurboTax (TT) can prepare the quarterly payment vouchers. In your 2024 software, enter at:

 

Federal Taxes or Personal (H&B version)

-Other Tax Situations

  -Other Tax Forms

    -Form W-4 and Estimated Taxes - Click the Start or Update button

On the next screen answer No to the W-4 question

 

If your goal is just to avoid the underpayment penalty, then paying 100% of the prior year tax liability is the “safe haven”

Or you can obtain  blank IRS Form 1040-ES from the IRS. The form and instructions are at this link:  https://www.irs.gov/pub/irs-pdf/f1040es.pdf

 

You can also pay Federal directly here.  Be sure to select 1040ES:

https://www.irs.gov/Payments

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