I'm working on1099,Do I need to file taxes for every 3 months?

Question

I'm working on1099,Do I need to file taxes for every 3 months?

Answer 1

Go get yourself some one to do the paper work for you..

You answered your own question on the 1099.

the answer is no one knows and those that do are too busy to be bothered.

Your time on this earth is  too valuable.

One hint i do offer is each month all your papers sort them and file them as the come in and get paid or unpaid.

Answer 2

The US tax system is a pay-as-you go.  If you are not paid on a W-2 with withholding, you are supposed to pay in "quarterly" (4/15, 6/15, 9/15 and 1/15).

The IRS has a no-pay safe harbor, but it assumes that you didn't pay any tax last year.  If you did have a job last year and paid taxes then you can have a minimum quarterly payment due this year.  See form 1040ES and irs publication 505.

If you are supposed to pay and you don't, the tax penalty is the equivalent of 8% interest.  My bank pays much, much less than that.

Answer 3

Yes, you should speak to an accountant so he/she can estimate what your taxes will be and print out some payment stubs for you for the quarterly State and Federal taxes you owe.  I am currently  on 1099 too and am paying quarterly Estimated Taxes.  If I'm over at the end of the year, I'll get some of it back.  If I underpaid, then I think I may owe some interest.

Answer 4

Yes SIR

Answer 5

You need to file form 1040ES and send in whatever tax you'd owe for that quarter

Answer 6

You have to pay 4 times per year.  It is not every three months.  Payments are due the 15th of April, June, September, and January.  You file a return only once, usually between January and April.