My husband switched jobs in the middle of the year. He worked for a company as an employee up until the middle of the year. After that, he became self employed doing contract land management work for my mother. She does not have any profit from this work and it on her home so she did not file a 1099-NEC. We have been setting aside money for taxes every paycheck. However, we did not pay taxes on Q3 or Q4 thinking we only had to pay them once we filed our tax return this year. This situation is unique and I think I have figured it out, but I do not want to be wrong... So my main questions are as follows:
-Since my husband's job withheld taxes for the first half of the year appear to be enough for the taxes we didn't pay, will we be penalized?
-He didn't have any expenses that are worth noting on the tax return as he simply has just been using items already, so would it be worth it to use an accountant or would we be okay filling on our own?
-How do we go about making quarterly tax payments this year?
I'm happy to give specific numbers and more information to figure out the answers, just let me know. Thank you in advance!
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If your withholding covered the entire tax liability there’s no problem. Going forward make estimated quarterly payments so that the amount paid at least equals the tax liability from the previous year.
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