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Do I need to make estimated quarterly payments?

Last year I was a w2 employee and made about $30,000 and paid $4500 in taxes. This year, I'm self employed and will only make about $2000. Since my expected taxes this year will be less than $1000, do I need to make estimate quarterly payments?

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AmandaR1
New Member

Do I need to make estimated quarterly payments?

No, if you are estimating your income to be $2,000, then you would not need to make any estimated tax payments. 

Everyone receives a standard deduction which is based on your filing status ($6,350 single), so you would not have any tax with $2,000 of income. 

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1 Reply
AmandaR1
New Member

Do I need to make estimated quarterly payments?

No, if you are estimating your income to be $2,000, then you would not need to make any estimated tax payments. 

Everyone receives a standard deduction which is based on your filing status ($6,350 single), so you would not have any tax with $2,000 of income. 

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