My husband and I both take extra money out for Federal taxes on our W-2 jobs and last year we got a refund. This year we plan on upping our side hustles and are concerned about if we need to do quarterly taxes as well as if we are married filing jointly, do we need to do two Schedule C's (one for each of us) for the Uber/DoorDash or if we can combine all our various 1099 work into one Schedule C. This is our first year with both of us doing these side hustles. Previously, we only had one of us doing 1099 work, so one Schedule C for the one job.
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Hello fsewald!
Yes, each spouse must file a separate Schedule C to report profits and losses. https://www.irs.gov/businesses/small-businesses-self-employed/election-for-married-couples-unincorpo...
To determine whether you need to make quarterly estimates, answer these questions:
If you answered "no" to all of these questions, you must make estimated tax payments using Form 1040-ES. To avoid a penalty, your total tax payments (estimated taxes plus withholding) during the year must satisfy one of the requirements we just covered.
Here is an article about estimated tax payments that addresses your questions. https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-how-to-determine-what-to-p...
I hope this helps!
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