How do I pay taxes as a contractor?
I was recently hired as a contractor on May 17, 2021. I would like to know what forms I need to submit to pay estimated taxes and when payments would be due.
As a CPA, I came across this website and joined just last week, and I just came across your question.
You use Form 1040-ES to make estimated income tax payments. You can download the form (with instructions on where to mail, etc.) on the website for the Internal Revenue Service (irs.gov). On the home page, click on Search Forms & Instructions. Then, in the Search box, you can type 1040-ES.
Estimated income tax payments are normally due April 15, June 15, September 15, and January 15.
Interested in more Personal Taxes Questions?
- Hello, Thank you for taking the time to read and answer my question. I want to start fixing phones, computers, game systems, etc. on my own. I will accept cash/cashapp for the majority of customers unless I know them personally, then they can pay via check. I would be going to people's homes or fixing their devices in a public setting while they watch. The repairs usually require a new part as well. What information do I need to keep records of come tax time? Can I get deductions from the part costs if I keep the order receipts and submit them? Thanks Codee
- My father is currently retired with on SSI as any kind of income. He has $30k someone loaned him many years ago who'd now like it back. There was no paperwork or anything it was between friends. My father has not gifted anything significant in his lifetime. Would he be subjected to paying taxes on the $30k if he gave it all at once? Since he's retired and only on SSI, I'm not even sure if he does yearly taxes anymore.
- My W2 for 2020 is posted twice in my wage and income transcript . I contacted my employer and they confirm they only ever issued one and have nothing to correct. I confirmed with Social Security that they only have 1W2 on file for me ( which is correct). This is only an issue on the IRS system. I called the IRS and spoke to multiple reps and they said there’s nothing they can do. I’m kind of panicking here. Can someone please help me?
- I bought my home 9 months ago but am about to sell it for a significant profit. I purchased it for $311,000 and selling for $496,000. Is there a way to avoid paying short term capital gains tax? If not is there a way to reduce the amount? I live in GA so subject to state and federal tax. Please let me know.
- I was recently hired as a contractor on May 17, 2021. I would like to know what forms I need to submit to pay estimated taxes and when payments would be due.