As a self-employed individual, you may need to pay estimated quarterly taxes to avoid underpayment penalties. The IRS expects self-employed individuals to pay yearly taxes rather than in one lump sum during tax season.
Here’s how to calculate and pay your estimated taxes:
Estimate your income for the year.
Calculate your self-employment tax (usually 15.3% of your net earnings).
Submit quarterly payments (typically April 15, June 15, September 15, and January 15 for the previous year).
You can use IRS Form 1040-ES to calculate and submit these payments.
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