You are NOT required to set up a business right now if you do not want to deal with any paperwork, however you should set up your Estimated Tax Payments (about 15.3 % of your self employment earnings. Your 1099 Income will go on your personal tax return as self-employment income, Schedule C.
But there is more ...
You can have a more accurate calculation using a Tax Calculator where you can input the other circumstances surrounding your next year tax filing obligations.
Tax Calculator 2023
Lastly, below are the Estimated Taxes Deadlines:
1. April 15th
2. June 15th
3. September 15th
4. January 15th
When to Pay Estimated Tax
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