6/17. If you wait until you file, you will be subject to late payment of estimated tax penalties.
Not only do you owe income taxes, but also about an addition 15% on your net self emplyment income.
One safe harbor you can use -
federal withholding and timely estimated tax payments must be 100% of your 2023 tax. That rises to 110% if your 2023 adjusted gross income was over $150,000.
Another is that federal withholding and timely estimated tax payments must be 90% of your 2024 tax.
With unequal income, withholding, and estimated tax payments, for 2024 you may need to use the form 2210 annualized income installment method on page 3
https://www.irs.gov/pub/irs-pdf/f2210.pdf
You have self-employment income for which you will pay self-employment tax for Social Security and Medicare. You will need to use online Premium software or any version of the CD/download so that you can prepare a Schedule C for your business expenses.
https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes
https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922
https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax
https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c
https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct
https://blog.turbotax.intuit.com/self-employed/self-employed-tax-deductions-
calculator-2021-2022-50907/
https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs
https://turbotax.intuit.com/tax-tools/calculators/self-employed/
6/17. If you wait until you file, you will be subject to late payment of estimated tax penalties.
Not only do you owe income taxes, but also about an addition 15% on your net self emplyment income.
One safe harbor you can use -
federal withholding and timely estimated tax payments must be 100% of your 2023 tax. That rises to 110% if your 2023 adjusted gross income was over $150,000.
Another is that federal withholding and timely estimated tax payments must be 90% of your 2024 tax.
With unequal income, withholding, and estimated tax payments, for 2024 you may need to use the form 2210 annualized income installment method on page 3
https://www.irs.gov/pub/irs-pdf/f2210.pdf