I live in the U.S. and I am thinking about becoming self employed or doing contract work. I have a few questions about taxes in these circumstances.
I have heard that if you are self employed, you should file your taxes and pay them quarterly. How are you supposed to know how much to pay if you haven't earned anything the year before? How do you estimate this?
What if a lot of your money is paid to you by customers in cash and there is no 1099 or paper check stubs as "proof" (as in child care and pet sitting)?
What about people who get a 1099? Are they also considered self employed? Do they have to file quarterly or just once a year? What if the money is irregular? How do you estimate how much you should pay in taxes when you don't know how much you will be making and it will likely vary from month to month?
Thanks.
Submitted July 27, 2017 at 07:20PM by krba201076 http://ift.tt/2tHtdDF
