If you're freelancing in the U.S., you generally need to make quarterly estimated tax payments if you expect to owe $1,000 or more in federal taxes for the year after withholding and credits. It covers both income tax and self-employment tax, so it’s a good idea to set aside part of each payment you receive.
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J
1 week agoFreelancers may need to pay quarterly estimated taxes if they expect to owe enough federal tax when filing their annual return. Payments generally cover income tax and self-employment tax. Keeping track of income and expenses throughout the year makes estimating payments and avoiding unexpected tax bills easier.
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V
1 week agoFreelancers generally need to make quarterly estimated tax payments if they expect to owe enough federal tax. Requirements vary, so checking IRS guidelines or a tax professional is advisable.
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J
1 week agoOh yeah, if you expect to owe more than a thousand bucks you definitely need to pay them quarterly to avoid penalties. Setting aside 30 percent of every gig has kept me out of trouble with the IRS!
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