All Questions
Tagged with self-employment estimated-taxes
10
questions
6
votes
2
answers
2k
views
Will I be penalized for not making an estimated payment in the first quarter for a side gig that started in the second quarter?
I picked up a side-gig on March 30th, that pays me at the end of each month, so my first pay check will be towards the end of April, which is in the second quarter. It seems I have two options to ...
- 427
2
votes
1
answer
133
views
1040-ES Line: 15. What to put here if I started self-employment in Q2?
I've recently started work as an independent contractor starting in April and I'm trying to calculate my estimated quarterly taxes for Q2. Line 15 on 1040-ES says:
"If the first payment you are ...
- 123
2
votes
1
answer
523
views
My 2021 withholding has already paid 100% of my 2020 tax liability. Can I skip paying estimated taxes on self-employment income for the rest of 2021?
My unique situation is as follows:
My 2020 AGI was around $20k. My 2020 total tax (Form 1040 line 24) was only $700.
My 2021 income will be much higher. I had a W-2 job from January through April of ...
- 23
1
vote
1
answer
195
views
Self employed half the year unemployed the rest. Do I pay quarterly taxes?
I was unemployed from January-June and started becoming self-employed from June-December. Do I need to pay quarterly taxes?
I will owe more than $1,000 in taxes for being self-employed half this ...
- 111
0
votes
1
answer
2k
views
Would it be a good idea to start my LLC while I owe the IRS?
I’m a self-employed cosmetologist I filed taxes last year and had to pay back $2500 I’m on a payment plan right now and they told me once I file again it will void the payment plan. So, would starting ...
- 1
2
votes
1
answer
828
views
Calculating separate estimated taxes for self-employed spouse
I earn wages and my employer withholds taxes from my paycheck in the usual way. My wife is newly self-employed, and we are calculating her estimated taxes for her self-employment income for this year. ...
- 123
3
votes
4
answers
3k
views
How to calculate my estimated taxes. 1099 MISC + Self Employment
I receive a 1099-Misc each year and that's all†. I have to pay estimated taxes, but I don't know how to calculate them for myself.
This is the current estimated tax calendar
From To ...
user14071
2
votes
1
answer
259
views
Self Employed, but not required to pay estimated taxes?
According to Chapter 2 of Publication 505 on the IRS website, I am not required to pay estimated self-employment taxes because I do not plan on having taxes totalling over $1,000 by the end of the ...
user26182
1
vote
2
answers
422
views
Estimated Tax Requirements (1040es) Seem Low
TL;DR - Form 1040es lines 14a and 14b are very different, causing me to be wary of my end result for required quarterly estimated tax payments.
I've been working through my 1040es for the first time ...
- 113
2
votes
3
answers
1k
views
Paying Self Employment Tax 1040ES Monthly
I have recently become self-employed (independent contractor) and I would like to take care of my Estimated Taxes as I am paid, which is only a monthly basis. I understand that the IRS requires self-...
- 121