Re: Estimated Taxes
Although I only started last summer, I am now estimating my annual income and will be filing the self-employment and income taxes accordingly. This will ease the tax burden next spring and get me in the habit.
SE taxes are filed in 4 installments (15.3% of expected annual net income, I believe). The deposits are due no later than 04/15, 06/15, 09/15 and 01/15.
Income tax is filed quarterly (I deposit 20% of net income for the previous quarter) 04/15, 07/15, 09/15, 01/15.
I will adjust the 01/15 deposits to match actual income for the year.