I work a full time W2 job with an income of around $70k annually. I now also have a "side gig", a sole proprietor business for event photography and social media management (basically freelance work). I expect to earn $10k this year from this side gig business. In case it's relevant, last year was the first year this side gig existed and for that year (2023) it earned $4k. I paid no quarterly taxes that year because of it being it's first year in existence.
I know I need to pay quarterly taxes, but after an insane year of expenses (life) I haven't submitted payments. I have questions about filling out a form 2210 to essentially tell the IRS that my withholdings from my W2 job should also be considered as covering or going towards what I will owe on this side business. My total witholding for my W2 is WAY more than 100% of "last years tax amount" for the side business, which I've read is relevant and matters.
If this is all hogwash and not doable, I would instead make a payment before the Sept quarterly deadline and just hope for the best (hope the penalty I'll pay is not a lot, if any).
Thank you for taking the time to look at my nuanced situation. Can you please discuss and review the topic of 2210 with me with regards to withholding in a situation like mine (full time W2 and side gig)?
