re: Independent Contractor Taxes Self-Employment HALP VIEW POST

re: Personally only have experience with paying taxes after a year and not doing the quarterly payments. I was paid $20/hour, worked about 25 hours a w...

Depending on the amount you owed they may require you to make quarterly estimated payments the next year -- regardless of what you expect to make. You can counter that with some other IRS forms though.

In particular there is one you can file that basically says I have no idea how my money will come in and can't possibly pay 1/4 of it in Q1. This can help avoid any future fines where the IRS will penalize you saying you withheld payment till the end of the year.

code of conduct - report abuse