You can either pay the estimated taxes or have his withholding increased to cover your estimated taxes. Taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments. If the amount of income tax withheld from your salary or pension is not enough, or if you receive income such as interest, dividends, alimony, self-employment income, capital gains, prizes and awards, you may have to make 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.
TurboTax can help you with this. Use the links below to use TurboTax to prepare Form 1040-ES vouchers
Estimate next year's federal taxes
Estimate next year's state taxes
When you're self-employed, federal, state, and Social Security taxes aren't taken out of the income you receive. Instead of paying the entire amount you owe in April, setting up estimated tax payments gives you the flexibility to make four smaller payments during the year.
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