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Hopefully a simple question on Taxes

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  • blippi
    replied
    on website can set up quarterly payments in advance which is nice. have to consider state income tax as well. increasing witholding is still easiest option, will just have less time to hold whatever money you owe.

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  • zlandar
    replied
    WCI article:

    https://www.whitecoatinvestor.com/10...nt-contractor/

    For Federal you either have to pay quarterly or withhold that amount on your W2 income.

    You can pay quarterly taxes to the IRS directly on the IRS website. Takes me a few min each quarter. It’s not a big deal.

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  • Tom Kazansky
    replied
    The simplest solution would be to increase W-2 withholding.

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  • podgi237
    started a topic Hopefully a simple question on Taxes

    Hopefully a simple question on Taxes

    I've been in a W2 position for some time so please excuse if this is a dumb question. The majority of my income will continue to be from my W2 job, but I am about to start a new side job that will receive 1099 income. Must I pay taxes on the 1099 income quarterly or can I put the appropriate taxes to the side and pay them every year at tax time? Thanks in advanced!
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