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Reply to "1099 income and taxes"
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[quote=Anonymous][quote=Anonymous]You MUST make quarterly SE tax payments. Otherwise, IRS will penalize you. This includes your state income tax, assuming you live in a state that collects income tax. SE tax is not the same rate as income tax. You pay additional taxes. If the tax rate on your other income is about 33%, then I would add atleast another 2%. Or, as a PP suggested, get an accountant. Mine is worth his weight in gold.[/quote] How much does a decent accountant cost? I used Liberty at the last minute for what I thought was a simple return. Ended up paying $700 for a return that was bounced back for multiple errors. [/quote]
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