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I typically have not made much money doing gig work? At what point /$level should I start paying quarterly taxes?
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The general rule is that you must pay as you go. Meaning that when you file your tax return, if you haven't paid enough taxes through withholdings or estimated tax payments then you might owe an underpayment penalty.
To determine whether you need to make quarterly estimates, answer these questions:
If you answered "no" to all of these questions, you must make estimated tax payments using Form 1040-ES. To avoid a penalty, your total tax payments (estimated taxes plus withholding) during the year must satisfy one of the requirements above.
Do I need to make estimated tax payments to the IRS?
How do I make estimated tax payments?
I hope you find this information helpful!
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