Do I have to pay quarterly estimated taxes by June deadline if I just got paid?

Question

I work both as an independent contractor and as an employee in a temp agency (W-2). In 2007, I had income from both as an independent contractor and an employee, but my income from an independent contractor was small enough that taxes that I paid as an employee covered all my tax liabilities (and refund) from both jobs. This year, my employment in a temp agency ended in May, and I started working as an independent contractor since then. I do not believe I paid enough taxes from this employment to cover all my tax liabilities. I did not pay quarterly taxes in April since I did not have any income from my independent contractor work. I am about to be paid next week. My question is, do I have to make quarterly estimated taxes payment by June 15th, or can I wait till September? Thank you for your advice.

Answer 1

The June 15th estimated payment is for income received up to June 1, so you can wait until September.

Answer 2

Keep good records.

You will be doing a form 2210 at tax time--basically miniature tax returns for income from 1/1 to different points in the year.  The form will show that your income didn't start until June, so the first payment was due 9/15.

The form is a pain.   Many people look at last year's tax bill and send in the quarterly minimum anyway....

Answer 3

you should make at least a 15-30% payment on your independent contractor earnings since the temp job ended so you don;t fall behind and put side that much each payday going forward for Sept's payment

Answer 4

Technically you should start in June, but if you wait until Sept it won't be a problem as long as you get enough total paid in

Answer 5

I believe you do have to pay them or file for an extension. Your taxes sound a little more complicated than the average persons. You may want to find an accountant that specializes in small businesses. I hired one and he saved me hundreds of dollars a year, he know how to find alot of loop holes for people like  ourselves. The money I ended up saving paid for his services and much more. Hope this helped.