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Question
If I'm working as a freelancer, do I need to file my taxes quarterly?
AI accountant’s answer:
As a freelancer, you typically need to pay estimated taxes quarterly if you expect to owe $1,000 or more in taxes for the year. Quarterly estimated tax payments help you cover your income tax and self-employment tax obligations. These payments are due on April 15th, June 15th, September 15th, and January 15th of the following year. Keep in mind that if you fail to make estimated tax payments when required, you may face underpayment penalties from the IRS.
Comment from reviewer
Judah Broussard, EA, JD

This statement is broadly right, but is impacted by whether the freelancer also has W-2 pay, how much in withholdings are made on the W-2(s), and whether the 90%/100%/110% safe harbor rules apply, because withholdings impact this overall pay-as-you-go calculation. I'd add the words "and do not otherwise fall under some other safe harbor" after "owe $1,000 or more in taxes. for the year."

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