Congrads on the self employment work WillV!
It's not too late to start making those estimated tax payments for your self employment income. You could catch up now by making a catch up payment at IRS.gov under the "make a payment" button. Make sure to label as 2023 estimated taxes. Payments made now will avoid a large balance due at year end and possible penalties and interest charges on top of the balance due amount.
Here is a great IRS resource of FAQs regarding estimated taxes:
IRS FAQs on estimated taxes
The penalty will be determined at year end and depends on last years tax liability and how much and when 2023 estimates are paid in. The sooner you make the payments the better outcome.
Good luck with our self employment.
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