Hi there,
This is my first time working as an independent contractor. I started at the beginning of July and am likely to have this contract at my current rate of pay through the end of 2024.
My question is whether I will be penalized for not having made four quarterly payments during the year (obviously I could not have known in January that this would be my situation come July). Connected to this, do I just estimate my total 1099 income for 2024 and divide by 2, and just make the two payments on time?
Final question connected to this -- do I have to provide any proof of the timeframe of my 1099 engagement, which would explain to the IRS why I did not pay the first two quarterly filings?
Many thanks for any thoughts you can provide.
