I am currently working 3 part-time jobs. For two of the positions, I am 1099 and hold similar job roles & duties. I also work part-time with a company as a W-2 Employee. I am wondering about the best practice for filing quarterly taxes. Do I just consider my 1099 positions? I have made roughly $25,000 just in 1099 this year.
I keep track of my 1099 income and estimated taxes owed in a spreadsheet, along with my expenses which I track separately. I know the form I am supposed to use to estimate these numbers, but I feel nervous. I have not yet filed quarterly this year so I know I need to do so at the upcoming quarterly due date for all previous quarters. What if with my expenses I owe nothing according to the calculations? Is that ok? Can I file quarterly on Turbo Tax?
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To make a Long Story Short, you should assign to Estimated Tax Payments about 15.3% of your Self-Employment Earnings, but there is more.
Should you actually overpay your taxes, you will get a refund, however, should you underpay your taxes, in addition to the money that you already owe, you will be hit with penalties and interests.
You can have a more accurate calculation using a Tax Calculator where you can input the other circumstances surrounding your next year tax filing obligations.
Tax Calculator 2023
Lastly, below are the Estimated Taxes Deadlines:
1. April 15th
2. June 15th
3. September 15th
4. January 15th
When to Pay Estimated Tax
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To make a Long Story Short, you should assign to Estimated Tax Payments about 15.3% of your Self-Employment Earnings, but there is more.
Should you actually overpay your taxes, you will get a refund, however, should you underpay your taxes, in addition to the money that you already owe, you will be hit with penalties and interests.
You can have a more accurate calculation using a Tax Calculator where you can input the other circumstances surrounding your next year tax filing obligations.
Tax Calculator 2023
Lastly, below are the Estimated Taxes Deadlines:
1. April 15th
2. June 15th
3. September 15th
4. January 15th
When to Pay Estimated Tax
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Thank you! That is surely helpful. Quick add-on question: For my "income" am I including the W-2 income or JUST 1099 when filing quarterly?
You are including ALL your sources of income !!!
... EVERTHING, My Friend !!!
🙂
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