Hopefully a simple question on Taxes

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  • podgi237
    Member
    • Jun 2018
    • 13
    #1

    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!
    Tags: None
    • Tom Kazansky
      Member
      • Dec 2017
      • 86
      #2
      The simplest solution would be to increase W-2 withholding.
        👍 3

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        • zlandar
          Member
          • Jan 2020
          • 1123
          #3
          WCI article:

          1099 Physician Financial Planning | White Coat Investor
          https://www.whitecoatinvestor.com/1099-independent-contractor/
          Being in business for yourself is exciting and empowering, but does come with taking care of a few things on your own that your employer used to take care of for you. But if you work through this list, you'll be up to speed with those of us who have been self-employed for a long time. 


          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.

            Comment

            • blippi
              Physician
              • May 2018
              • 629
              #4
              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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