1040-ES Income Tax Voucher

by Jean
(Nashville, TN)

1040-ES Income Tax Voucher

1040-ES Income Tax Voucher

Good Morning, Up until 7/31/11 I had been working as a full-time employee (W-2). From 8/1/11 to the present, I have been working as a computer consultant on a 1099 basis.

Do I have to send the IRS a 1040-ES voucher by 9/15/11 with my estimated tax for 3rd quarter 1099 earnings? Thank you for your help.

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Jan 03, 2018
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starstarstarstarstar 		1040 Estimated Income Tax Voucher
by: Anonymous

For your first year as a consultant having had a normal W-2 employee job previously in which you were having taxes withheld from paychecks, you are not required to pay in estimated.

However, it is a good idea to make sure that you have paid out enough taxes to cover the additional income you will have made as a consultant otherwise you could still get hit with an underpayment penalty if you end up showing owing more taxes on your tax return.

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Self Employed Income Tax Filing

Self Employed Income Tax Filing

Self Employed Income Tax Filing

I am a self-employed photographer who photographs weddings, seniors, babies, etc. I don't have any employees. Do I have to file a 1099 in addition to my 1040 schedule C?

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Jan 20, 2024
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starstarstarstarstar 		Tax Obligations for Self Employed
by: BB

As a self-employed photographer with no employees, you typically don't need to file a 1099. Form 1099 is usually for reporting payments made to others, such as independent contractors or service providers. Since you are a sole proprietor, your business income and expenses are reported on your Schedule C as part of your personal tax return (1040).

However, if you hire other independent contractors for your business and pay them $600 or more during the tax year, you would be required to provide them with a Form 1099-NEC. Be sure to keep accurate records of your payments to other service providers.

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