Basically, if you make enough that you'd end up owing the tax man more than an nominal sum at the end of the year, you need to make estimated income tax payments. However, if you have a "day job" that has regular withholding, you can probably up the amount of withholding (eg, declare fewer exemptions on your W4) and not have to make the separate payments. Also, the IRS gives you something of a grace period for your first year (though the rules on that are kind of fuzzy).
In my case I have to make estimated state tax payments on my 1099 income, but my federal is covered by the withholding from my pension. Using something like TurboTax is a good idea. Generally it will lead you through all the right steps (although the recent year versions have gone overboard on "guiding" you, to the point that you sometimes want to drop-kick the whole thing). On Jan 21, 10:39 am, TreKing <treking...@gmail.com> wrote: > On Fri, Jan 21, 2011 at 10:36 AM, Justin Giles <jtgi...@gmail.com> wrote: > > Also, for those who have made any significant amount of income, you should > > probably be making quarterly payments throughout the year, or risk > > additional fees at the end of the year. > > Can you define "significant" for those of us whose eyes glaze over at the > mean mention of doing taxes? > > ------------------------------------------------------------------------------------------------- > TreKing <http://sites.google.com/site/rezmobileapps/treking> - Chicago > transit tracking app for Android-powered devices -- You received this message because you are subscribed to the Google Groups "Android Developers" group. To post to this group, send email to android-developers@googlegroups.com To unsubscribe from this group, send email to android-developers+unsubscr...@googlegroups.com For more options, visit this group at http://groups.google.com/group/android-developers?hl=en
