Quote:
Originally Posted by iwishiwasbraver
#1;I'm an independent freelancer who made less than 10,000k in 2013. This is the first year I've done this full-time and was unaware that I was supposed to pay taxes quarterly (since I received direct checks, etc.)
#2;I've estimated my total income and it comes to less than 10,000k, so I believe I don't have to file taxes. However, I am concerned that I didn't pay quarterly (I had no knowledge of this until recently).
What steps should I take? |
#1;aslongas the amount reported on Sch C line 29, 31 is $400 or exceeds $400 youmust file return also aslongas the amount reported on Sch SE line 2,3 is also $400 or exceeds $400 you must pay SECA tax but yu can deduct 50% of your SECA tax o n 1040 line 27. If you are filing as a sole proprietor, or a self-employed individual, you generally have to make estimated tax payments if you expect to owe tax of $1K or more (after subtracting credits/deductions)when you file your return. However, You do not have to pay estimated tax for the current year if you had no tax liability for the prior year, no return filed I mean; You were a U.S. citizen or resident for the whole year; Your prior tax year covered a 12 month period.
#2;as mentioned above; your self employment income is treated differently with your W2 income for taxation. please read above for quarterly estimated taxes.Aslongas you expect to owe tax of $1,000 or more ,m then you need to make quarterly estimated taxes to IRS/home state