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

[Anonymous]

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. 

[EricE_CPA · Accepted solution]

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.