Question

First time, do I need to pay quarterly taxes?

Forum|Forum|2 years ago
August 30, 2023
1 reply
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This is the first year that I am doing some freelance work (and in addition to a salaried role). It is only a few hours a month for a smaller amount of money. Do I need to file quarterly taxes since the amount is so small or wait to file yearly? Also, for deductions, what percentage of total yearly income can be claimed?

Ask the Experts - Self-Employed - Aug 2023

Cindy4 12

Hi @NH32 !

Congratulations on your freelancing!

If you expect to owe more than $1,000 in tax at the end of the year, you will want to pay quarterly tax estimates. Here is a guide: https://turbotax.intuit.com/tax-tips/self-employment-taxes/a-guide-to-paying-quarterly-taxes/L6p8C53xQ

You will want to deduct any business related expenses from your income. There isn't a set percentage or amount. Claim anything that is related to producing the business income.

Here is another good resource for self employment tax guidance:

https://turbotax.intuit.com/personal-taxes/self-employment-taxes/

Hope this helps!

Cindy

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