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Level 1

Filing Taxes

Hello. I finished a 24 year career in the US Army and have never had any other job until this year. I just started a job in JAN 2022 whereby I get paid as a contractor (1099). What are the essential things that I should be doing or thinking about when preparing for taxes? For example, I know that I should be setting aside some portion of my monthly income for taxes. I have heard that 1099 contractors should be paying the IRS quarterly and that if one doesn't there is a penalty. I'm currently not giving anything to the IRS on a quarterly basis. Can you think of any other action items I should be doing now, or other things I should be thinking about? Thank you.

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