I live in NH and, so far, have accumulated a gross income of $1,641.21 from freelance/self-employment work. I am filing as single. Do I still have to pay quarterly taxes? From my understanding, if I owe less than $1,000 in federal income taxes, I'm Not required to make quarterly/estimated payments. Is this correct? I owed nowhere near $1,000 last year.
However, I did make an estimated payment on June 15th for $75. Did I have to? I did not make one for the due date in April because, at the time, I didn't know about quarterly taxes. If I didn’t have to, would the IRS use that money as a tax credit when I file my return in April?
If I did have to pay it, was it too little? Can I avoid penalties by paying more for the following due dates in September and January?