As a 1099-NEC tutor, how do I make quarterly payments to the IRS for my taxes?
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Hello rorobrobro!
Once you've calculated your quarterly payments,
For more information on this topic click this link: https://turbotax.intuit.com/tax-tips/self-employment-taxes/a-guide-to-paying-quarterly-taxes/L6p8C53...
Hello rorobrobro!
Once you've calculated your quarterly payments,
For more information on this topic click this link: https://turbotax.intuit.com/tax-tips/self-employment-taxes/a-guide-to-paying-quarterly-taxes/L6p8C53...
Do I have to make quarterly payments?
The IRS uses a pay-as-you-go income tax system, meaning you must pay your taxes as you earn income. It enforces this by charging penalties for underpayment if you haven't paid enough income taxes through withholding or making quarterly estimated payments. It also charges penalties on late payments even if you get a refund.
The IRS uses a couple of rules to determine if you should make quarterly estimated tax payments:
The tax code calls this last item the safe harbor rule. This requirement increases to 110% of your adjusted gross income exceeds $150,000 ($75,000, if you're married and file separately).
One exception applies for farmers and fishers who earn at least 66.6% of their income from their trades and so only need to meet an equivalent amount of their tax liability.
Paying your taxes quarterly can also avoid the cash crunch you might face come tax time. Paying in quarterly installments makes paying your bill far easier than one lump sum payment, especially if you've underestimated your taxes due.
I just became an independent contractor in September. Can I wait until I file my 2021 taxes to combine this with my W2 for the rest of the year or do I need to pay quarterly taxes in December?
You'll need to report income in the year it was earned. You're not able to report 2020 earned income in 2021. Please take a look at the link I provided in the original reply. I believe it'll be a good resource for you.
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