Hello!
I was wondering if anyone could help me with this initial big picture..
I am a fellow with W2, who started just moonlighting with independent contractor status started last year Sept 2020 onwards.
My understanding is I have to pay the 1099 tax which is the 1040-ES form.
I used Quickbooks Self Employed, for expense keeping (DEA/ license/ travel (between hospitals)/ supplies) etc. Based on the deductions, quickbooks is telling me to pay $1752 with an income of $10980 purely from 3 months of moonlighting. This is from deduction of all the DEA/ license etc. My W2 wage is ~$60,000.
However, I forgot to do the EFTPS account (which allows QB to pay directly to IRS). Therefore I need to pay via printing the 1040-ES. I thought they would also print out the Schedule C which gives itemized deductions. However, I think they just print 1040ES and I have to send a check to IRS.
My question is,
When/ where do I submit Schedule C which gives itemized deduction? How do the IRS know what I have deducted when I don't submit that?
Should I pay more just to prevent from underpayment fines?
What am I missing in my knowledge in the big picture?
Thank you so much in advance.
I was wondering if anyone could help me with this initial big picture..
I am a fellow with W2, who started just moonlighting with independent contractor status started last year Sept 2020 onwards.
My understanding is I have to pay the 1099 tax which is the 1040-ES form.
I used Quickbooks Self Employed, for expense keeping (DEA/ license/ travel (between hospitals)/ supplies) etc. Based on the deductions, quickbooks is telling me to pay $1752 with an income of $10980 purely from 3 months of moonlighting. This is from deduction of all the DEA/ license etc. My W2 wage is ~$60,000.
However, I forgot to do the EFTPS account (which allows QB to pay directly to IRS). Therefore I need to pay via printing the 1040-ES. I thought they would also print out the Schedule C which gives itemized deductions. However, I think they just print 1040ES and I have to send a check to IRS.
My question is,
When/ where do I submit Schedule C which gives itemized deduction? How do the IRS know what I have deducted when I don't submit that?
Should I pay more just to prevent from underpayment fines?
What am I missing in my knowledge in the big picture?
Thank you so much in advance.
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