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jamjam
Level 1

Quarterly Estimated Taxes for Irregular Project Income (0-2 freelance projects annually)

Depending on my schedule and interest, I sometimes take on 1-2 freelance projects in a single year--side gig stuff, not my full-time job. These projects can range in size from as small as $200 to as large as $9000 per project. I didn't take on any projects for the last two years, but I've started a new project this year that is sizable. Can I forego paying quarterly estimated taxes and simply pay the full tax amount when I do my 'regular' taxes each year--IF I've done any freelance work that year? It seems odd to me to try to pay quarterly estimated taxes when I might not have any side gig work at all for 6 months or more. 

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EricE_CPA
Employee Tax Expert

Quarterly Estimated Taxes for Irregular Project Income (0-2 freelance projects annually)

If you are NOT expected to owe more than $1,000 in taxes at the end of the year, you are exempt from quarterly tax payments.

 

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EricE_CPA
Employee Tax Expert

Quarterly Estimated Taxes for Irregular Project Income (0-2 freelance projects annually)

If you are NOT expected to owe more than $1,000 in taxes at the end of the year, you are exempt from quarterly tax payments.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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