Filing my first quaterly self-employed taxes

Forum|Forum|1 year ago
August 28, 2024
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I am a first-time consultant and filing my 1st quarterly self-employed taxes. Which tax form should I use to pay estimated taxes, and how can I best calculate the estimated deductions to determine my income?

Thank you in advance for any help you can provide.

Best answer by icalvo

Hi user1727! Welcome to the event.

To file your quarterly self-employment taxes, you should use form 1040ES.

Here is a link to the IRS website for estimated taxes.

https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes

The best way to calculate your business deductions is to start with your bank statements of deposits and withdrawals.

Here is a link to what you can deduct

https://ttlc.intuit.com/turbotax-support/en-us/help-article/self-employed/write-business-expense/L8dwCzGRc_US_en_US?uid=m0eacnan

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icalvoAnswer

Hi user1727! Welcome to the event.

To file your quarterly self-employment taxes, you should use form 1040ES.

Here is a link to the IRS website for estimated taxes.

https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes

The best way to calculate your business deductions is to start with your bank statements of deposits and withdrawals.

Here is a link to what you can deduct

https://ttlc.intuit.com/turbotax-support/en-us/help-article/self-employed/write-business-expense/L8dwCzGRc_US_en_US?uid=m0eacnan

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

SwapnaM

Individuals, including sole proprietors, partners, and S corporation shareholders, generally use Form 1040-ES, to figure estimated tax. You can also use Tax Caster

https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes

To determine whether you can deduct an expense for your business, ask yourself: Is this expense both ordinary and necessary to the business? The IRS requires both elements.