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    How do I file taxes as an independent contractor? What forms do I need?

    So I was hired as an independent contractor in February and was unaware that I needed to file my taxes quarterly. What forms do I need? Can I use Turbotax? Are there any guides online? I keep getting different answers and I am looking for some straight answers. I get paid on the 15th and 30th of every month. I think there is a penalty for missing the April 15th deadline, how will I access that? Please dumb it down for me as much as possible :) Many thanks
    a few seconds ago 4 Answers

    Best Answer

    Chosen by Asker
    Use form 1040ES to file your quarterly estimates. If on the next due date you send enough extra to cover what you should have paid in April, you'll most likely slide through on it. You'll pay not only the income tax you expect to owe, but also self employment tax of around 15% for social security and medicare. And don't forget your state and local area - if they have an income tax you most likely must pay those quarterly also.
    a few seconds ago

    Other Answers

    • 1040ES and you can find them at www.irs.gov

      by tro - 2 hours ago

    • Assuming you are not incorporated, you do not need to "file taxes quarterly," however you do need to make quarterly estimated tax payments. This is done through Schedule ES. You can download the schedule from the IRS website. It has a worksheet to help you determine how much to send as estimated tax payments and provides vouchers for making those payments. The first payment was due April 15. If you are in a state which has a state income tax, you will likely need to file state estimated tax payments as well.

      by card-ron - 2 hours ago

    • While you have missed 4/15, nothing prevents you from catching up NOW.

      by Quick Answers - 2 hours ago

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