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My first year self-employed, but employer didn't pay my invoices until the end of the year
This is my first year as an independent contractor. I knew I had to pay self-employment taxes but decided I would wait until I got my first pay check before I worried about paying taxes. Unfortunately, even though I started working in April of 2022 and put some hours in each month after that, I didn't receive my first pay check until January of this year (dated Dec 23, 2022). Should I have been paying the taxes each quarter even though I had not received the income yet? I assume now I need to make tax payments for all of April thru December, but will I owe penalties also?
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‎January 21, 2023
3:27 PM