Can I file a 1099 every 3 months?

[janinemabel]

I work as a therapist and am self-employed how do I file taxes now so it does not come out to too much at the end of the year

[dmertz]

See the following IRS web page regarding making estimated tax payments:

https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes

[Opus 17]

A 1099 is a report of income that may be sent to you by certain customers or clients.  You include the income on your tax return but you don't "file" it yourself.  (If, in the course of your business, you pay a client or vendor or subcontractor more than $600, you may be required to issue them a 1099, but you do this at the end of the year (after Dec 31 and before Jan 31).

You file one tax return for the whole year.  This will be a form 1040, and if you have certain kinds of small businesses, you might also include a schedule C to report business income and expenses.  But you only do this once for the whole year.

What you need to do is make estimated tax payments, they are due April 15, June 15, September 15, and January 15, which covers taxes due on the previous quarter's income.  You can make the payments directly at www.irs.gov/payments.  For help estimating how much those payments should be, you can use form 1040-ES, or various accounting web sites or business accounting software like Quickbooks. 

[VolvoGirl]

Yes you should send in estimated payments 1040-ES so you don't end up owing too much or get hit with a penalty.

You send in quarterly estimated payments to cover the income tax and self employment tax (FICA). The Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400). The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire.

For SE self employment tax - if you have a net profit (after expenses) of $400 or more you will pay 15.3% SE Tax on 92.35% of your net profit in addition to your regular income tax on it. So if you have other income like W2 income your extra business income might put you into a higher tax bracket.

You must make quarterly estimated tax payments for the current tax year if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.

- 2. You expect your withholding and credits to be less than the smaller of:
90% of the tax to be shown on your current year’s tax return, or
100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)

To prepare estimates for next year you start with your current return, (if you can't get back into your return try this, On the Tax Timeline page you have to select Add A State to get back into your return). But be careful not to change anything on your real return.

Go to Federal Taxes or Personal (Home&Business version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button

Say No to W4. When you get to the W4 and Estimated Taxes section, say you want to adjust your income to go though all the screens.

TIP - If you didn't owe or missed making the prior quarterly estimated payments and need to just calculate starting now, you can go though the Estimated Taxes section and just put $1 (one dollar) in for the quarters you missed. Then it will only figure the current and remaining quarters.

The 1040ES quarterly estimates are due April 15, June 17, Sept 16 and Jan 15, 2025. Your state will also have their own estimate forms.

How to make the Estimated payments
https://ttlc.intuit.com/community/tax-payments/help/how-do-i-make-estimated-tax-payments/00/25875

Here are the blank Estimates and instructions…..
https://www.irs.gov/pub/irs-pdf/f1040es.pdf

Or you can pay on the IRS website. Be sure to pick 2023 1040ES payment
https://www.irs.gov/payments