Hello there! I pivoted to becoming an artist this year & have been taking a sabbatical in 2023 to recover from severe burnout. I filed a DBA with New York City in January and have made about $4,200 from artwork this year (in addition to about $2,500 from high yield savings account & investment interest). I plan to remain a sole proprietorship / not forming an LLC & to do some gig work here & there for the rest of the year to help with expenses while I live off of savings. Do I need to make a quarterly filing for this small income amount (approx. $6,700) here in September? Or can I delay until the next quarterly filing date, Jan. 2024? (By then I'm planning to have made about $16,500) Thank you so much for your help & guidance; I very much appreciate it!
@paigewells , yes, you will need to make timely estimated quarterly tax payments on your self-employment income to avoid interest and penalties for late filing and payments. You can find more information about this here on the IRS' website: https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center