Great question!!
If you have net earnings of $400 or more, you're required to file a tax return. The IRS does this in order to collect your self-employment tax. You won't owe income tax if your earnings are that low, but you might still owe self-employment tax. If you have no other income, you might not owe anything for Federal and/ State taxes but will just owe for Social Security and Medicare.
Here are my favorite Self Employment links:
Self employment tax
Self employment tax hub with calculator
Self Employment income and expenses
You can pay your estimates online via IRS.GOV and the state you live in if they have state taxes.
You can also pay in the spring but if you owe something, you might have some penalties for not paying on as you go through the year. Look back on your 2022 tax return and see if you had anything in Line 38 as estimated tax penalty. If not, and everything is the same then you might not need to pay estimated taxes.
Please look at the links above because they talk about all of this and are very helpful.
Thanks again for the great question!!
Katie S
Katherine S 63
