I make $230 a month teaching yoga. Do I need to do estimated taxes, or do I just enter in a 1099-misc each year? I used your calculator and it said I didn't need to do estimated taxes as I also have a W2 paid position. I'd love some help on this question!
Answered by Melissa Pedigo, CPA ·
You likely do not need to make estimated tax payments because of the $230 you earn each month from teaching yoga. You could always have your W2 job withhold an extra $20 or so each month to help offset the income tax that you may owe on the $230 of monthly yoga income.