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Jan 03, 2018
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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