Question

Taxes

Forum|Forum|4 years ago
October 27, 2021
1 reply
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I just recently started to make an income with my business and I am wanting to learn how to file taxes.

How many times a year should I file? Quarterly or Annually? Does it matter?

Thanks!

Hello jessicabubashphoto!

Thank you for your question(s). Congratulations on earning income on your business. You need to file taxes only once a year. The Internal Revenue Service (IRS) has set the annual tax filing deadline on April 15. However, you may file for a six (6) months extension and file your tax return on October 15 of the same year. Please keep in mind though, that filing an extension is not an extension to pay your taxes. If you are expecting to pay taxes when you file your return, you would have to pay it by April 15.

Below are two articles that you can refer to regarding filing your taxes online and as a self-employed individual:

https://turbotax.intuit.com/tax-tips/general/how-to-file-taxes-online/L5RCRJQBs

https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed/L2HLojrj5

Please let me know if this answers your questions, or if I can be of further assistance.

Thank you!

Shirleyh88

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BarbL

To add to shirleyh88's response, it sounds like you may be asking about quarterly estimated taxes as well as your annual business/personal taxes taxes which she addressed.

You may be required to make quarterly estimated tax payments for your business income if you expect to owe more than $1,000 after subtracting withholding and tax credits when filing your return. If you fail to make those estimated payments, you will likely face an penalty at tax time.

This TurboTax article explains those quarterly estimates in detail, and has instructions on how to make the payments. A Guide to Paying Quarterly Taxes

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