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New contractor job this year, do I need to start making estimated payments?
I just started a contractor/self-employed position in February 2022. For the 2021 tax year, I didn't make enough income to owe money on my federal tax return so I'm running into trouble now when I try to calculate my estimated quarterly payments for taxes on form 1040-ES. Based on form 1040-ES, I owe $0 for my estimated quarterly payments because of my income last year. But I have a feeling that's not probably not correct. Should I just send the IRS estimated quarterly tax payments based on the amount I'd pay if I'd had this job for a full year already?
‎November 16, 2022
1:32 PM