1099 Taxes

8 replies
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Can I submit 1099 taxes annually or must they be quarterly? If quarterly, how do I do that? I'm new to working with 1099 and appreciate your help!

Ask the Experts - Self-Employed - Aug 2023

RPZ1

Level 3

Hello,

I will include a link for you to bookmark with detailed information. You need to file your estimated taxes quarterly though. If you pay them annually the IRS may charge you a penalty. The best way to pay your quarterly payments is to set up an account at IRS.gov. By doing this you will be sure the IRS received the payment plus you will receive a digital receipt immediately. When you reach their page enter "estimated tax payments" in the search bar and it will lead you to the steps necessary to do this. https://turbotax.intuit.com/tax-tips/self-employment-taxes/a-guide-to-paying-quarterly-taxes/L6p8C53xQ

MarthaT

Level 4

You can submit annually but it would be smart to pay quarterly to avoid penalties. You know your business and if you believe you are making more than $1,000.00 of net income than you can calculate your self-employment taxes, which is your Social Security and Medicare as employee and employer(15.3% = 12.4% SS + 2.9% Medicare). You can file payment at https://www.irs.gov/payments.

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Laura_NAuthor

Level 2

Thank you! Also, I am in Graduate school. How does that influence taxes if at all?

RPZ1

Level 3

That's awesome you are in Graduate school congratulations! this won't affect your self-employment taxes but you may be able to take advantage of education tax credits. here is a link to explain it in more detail: https://turbotax.intuit.com/tax-tips/college-and-education/bigger-better-college-tax-credit/L5IUvpspl.

Good luck on all your endeavors!