The intro to this event mentioned "avoiding" this whole mess. I would love to know more about that. I am just a single guy making money off freelance writing and I have literally no idea how much money I will make each year so these quarterly estimates are completely meaningless.
Taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments. If you are in business for yourself, you generally need to make estimated tax payments. Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax. Individuals generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.
The key to being able to avoid having to make quarterly estimated payments is to make sure that you will not owe over $1,000 at the end of the year.
If you also receive salaries and wages or a retirement fund distribution, you may be able to avoid having to make estimated tax payments on your other income by asking your employer/plan administrator to take more tax out of your earnings. To do this, file a new Form W-4, Employee's Withholding Certificate, with your employer. If you receive a pension or annuity you can use Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments, to change your withholding from these payments.
If your only income is from being self-employed, and your income is high enough to generate a tax liability over $1,000 for the year, you will be stuck with making quarterly payments to avoid penalties for failure to pay during the year when you file your tax return..