Income tax question

[bettymae1121]

Yes, it's July and I have an income tax question! I'm hoping some of the tax experts are lurking here...

I'm going to start geting income this month as an independent contractor, and I will almost certainly earn enough that I'll need to start paying estimated quarterly payments for the self employment tax and for income tax. The forms say I should have started paying earlier in the year begining with the 1st quarter, but at the time I didn't know I was going to be doing this. How do I start making quarterly payments halfway through the year?

I know I have the option of upping my withholding from my employer to help cover the taxes from my side income, is that my best bet for the rest of this year and then start quarterly payments in '11? That's what I'm leaning towards, but I figured I'd check with the DIS experts first.

 

[dejr_8]

Just use the 3rd and 4th quarter forms.

 

[Cheshire Figment]

See my response in the Budget Forum

 

[tvguy]

A call to your tax advisor might be the best bet.
So many things have changed since the Obama stimulus package went into effect, I've seen other comments regarding the IRS wanting the quarter estimates in advance even when changing circumstances created income you never could have anticipated.

 

[dejr_8]

a call to your tax advisor might be the best bet.
So many things have changed since the obama stimulus package went into effect, i've seen other comments regarding the irs wanting the quarter estimates in advance even when changing circumstances created income you never could have anticipated.

b.s.

 

[Acklander]

A call to your tax advisor might be the best bet.
So many things have changed since the Obama stimulus package went into effect, I've seen other comments regarding the IRS wanting the quarter estimates in advance even when changing circumstances created income you never could have anticipated.

Making estimated payments has nothing to do with the stimulus package (Obama's or anyone elses). OP, you can just start from 3rd quarter onward.

 

[tvguy]

b.s.

Making estimated payments has nothing to do with the stimulus package (Obama's or anyone elses). OP, you can just start from 3rd quarter onward.

LOL. We all three are excellent examples of why internet boards are NOT the place to get tax advice.