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1 reply

T
Tax Hero Niki
August 30, 2023

Hi k8hovey!

Excellent question. The government operates as pay-as-you-go. As income is collected, they require their cut at least on a quarterly basis. If your business has a net profit (income minus expenses), then you should consider making quarterly payments.

 

TurboTax has tools for this. Check out the Self Employment Tax Calculator or TaxCaster Tax Calculator. They will help you determine how much to pay and when.

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