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Started new job 1-2-17 first year self-employed, worked half-year 2016, wife works W-2. How do I estimate payments for this first year to avoid penalties at end of year?
This is my first year being self-employed as an independent contractor; started my job Jan. 1, 2017. Worked half year in 2016 with a W-2. Also, wife is W-2 employed and continues to be W-2 employed.
I expect to make around $33-34K this year total and want to make quarterly payments to avoid penalties and interest, but there doesn't seem to be a way to calculate this on the 1040-ES.
Thank you for your responses.
May 31, 2019
8:01 PM