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This is my first year self-employed (gig worker.) Do I need to sign up for quarterly tax payments now?
I use an app that determines my taxes owed so far, after deductions. I'm at 350, so I'll be at the 400 lower limit soon. However, I don't know if I'm going to do gig work the rest of the year or how much income I'll get from it (I do it part time) so I'm unsure about quarterly taxes.
Do I wait to see how much in taxes I pay next year, from this tax year, to determine the amount I need to do for quarterly payments? Or do I guess a random number for my estimated income this year and start payments now? If the latter, I'm worried my payments will be too high if I end up only doing this for a month or two more.
This is my only income, but I'm married filing jointly.
Do I wait to see how much in taxes I pay next year, from this tax year, to determine the amount I need to do for quarterly payments? Or do I guess a random number for my estimated income this year and start payments now? If the latter, I'm worried my payments will be too high if I end up only doing this for a month or two more.
This is my only income, but I'm married filing jointly.
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‎July 19, 2021
7:36 PM