Thanks so much, Katherine!
I understand now that if I make even $400, I need to file taxes. If I make 5k this year in self-employment funds, do I need to file quarterly taxes?
If I understand the info in the first link you sent, it says that if you expect to pay 1k or more in federal taxes for the year, then you are expected to file quarterly. I've looked at the sched. SE to try to get an idea of the taxes I will owe, but it seems pretty complex, requiring info from other sources I don't have (schedule F & Schedule K-1). Is there an easier way to figure out at what threshold I need to file quarterly taxes?
Also, what is the penalty if I don't. Say I do a regular filing and report 5k of self-employment income for the year. What's an estimate of the penalty I'd pay, if I should have been filing quarterly taxes?
Thank you!
