Loretta P
Employee Tax Expert

Self employed

Hello @treysoto good luck to you on your new venture!

The IRS requires the self-employed to pay as you go.  If you try to wait until the end of the year to pay as a lump sum you may incur penalties and interest.  The below links will provide more information for you on how to calculate your estimated payments and penalties/interest. 

 

Estimated Tax FAQs

When to pay estimated tax

Pay As You Go, So You Won't Owe:  A Guide to Withholding, Estimated Taxes, and Ways to Avoid the Est...

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