My wife and I were self employed, doing gig work, from Jan 1 2017 until about mid August. During this time, we were on a low earnings trajectory such to not have the requirement to file federal quarterly estimated tax: we expected to owe less than $1,000 in tax for 2017.
I actually attempted to (electronically, when filing) pay the April 15 first quarterly payment just to be on the safe side, but for some reason that was not my fault it didn't go through, and IRS sent me a note later saying so. I then did not pay any other quarterly payments, federal or state (was also under that state's threshold).
Then in mid August, my wife started a new job--and stopped her self-employed gig work. I continued mine. Her new job pays a good salary, starting near the end of September, so we will likely owe more than $1,000 in taxes for all of 2017, due now to her Sep-Dec earnings from this job. Therefore, it seems perhaps we should have paid estimated quarterly tax payments. I just didn't know at the time she was going to get this job.
What should we do now to avoid, if possible, any possible underpayment of taxes penalties?
Submitted November 23, 2017 at 10:27AM by Manbatton http://ift.tt/2A1QQfW
