Question

Tax help

Forum|Forum|3 years ago
August 31, 2022
1 reply
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I retired 7/22 and started a consulting company. Does Turbo Tax help with quarterly tax payments? I currently have one customer so in addition to what I make from them, I am receiving a pension. What should I be aware of? Also, first payment received to me but I'm in the process of establishing business name, EIN, etc.

Donna F 77

Congratulations on your new consulting company! TurboTax Online software can help you with your estimated tax payment calculations. When you file your tax return, you will be able to project your income for the next year and TurboTax will create the Form 1040-ES vouchers with the estimated tax payment amounts. You will claim your pension income as usual and you will also file a Schedule C on your tax return showing all business income and expenses. You can create one Schedule C even though the first payment was made to you personally. Just be sure to include all business income on the Schedule C -- whether it was paid directly to you or to your business name.

Here's a great resource regarding estimated tax payments:

https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-how-to-determine-what-to-pay-and-when/L3OPIbJNw

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