Hello Jcoop1,
Thank you for your additional tax question. I will be more than happy to assist.
If you are self-employed and you receive income other than your salary, and if you expect to owe more than $1,000 in federal taxes, you may need to make estimated quarterly tax payments using Form 1040-ES. Otherwise, you may incur a penalty for underpayment.
Below are two links that you can refer to regarding quarterly estimated taxes:
https://blog.turbotax.intuit.com/self-employed/self-employed-dont-forget-about-the-estimated-tax-dea...
https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-how-to-determine-what-to-p...
Please let me know if you have additional questions. Have a great day! Thank you!
Regards,
Shirleyh88
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