You generally only need to pay estimated taxes if you're earning enough from your calling that this is a major part of your overall income. So I don't pay estimated taxes, and just file my Schedule C (sole proprietorship) with my contra dance income and expenses along with the rest of our taxes.
Jeff On Fri, Jan 10, 2020 at 5:15 PM Joe Kwiatkowski via Contra Callers < contracallers@lists.sharedweight.net> wrote: > Slipped fingers. The IRS.gov website allows you to make estimated tax > payments on line. You can also download the forms and instructions if you > want. If you don't make a "profit" in your first three years, the IRS calls > it a hobby. You still have to pay taxes, but you can't deduct expenses > Find a tax shop or a book on small businesses. JKLasser has some good > thouough books. > > Joe Kwiatkowski > > Sent from BlueMail <http://www.bluemail.me/r?b=15726> > On Jan 10, 2020, at 5:06 PM, Don Veino via Contra Callers < > contracallers@lists.sharedweight.net> wrote: >> >> OK, we all know we're really in this for the outrageous sums of money, >> right? ;-) >> >> But if you're lucky, you're finally at the stage where you're at least >> covering your costs and have enough gigs where you're concerned the IRS may >> expect you to be reporting your income, recording expenses, etc. >> >> I've looked into this somewhat and from what I can tell in the US, it >> involves making quarterly Social Security tax contributions on the income >> and including the income/expenses toward your estimated tax payments at the >> Fed/State/Local level. The trick is *how*. >> >> Does anyone have a pointer to a good tutorial or other tips/direct advice >> on the topic? >> >> (Apologies for the intrusion of the *Real World* into our magic place...) >> >> ------------------------------ >> >> Contra Callers mailing list -- contracallers@lists.sharedweight.net >> To unsubscribe send an email to contracallers-le...@lists.sharedweight.net >> >> _______________________________________________ > Contra Callers mailing list -- contracallers@lists.sharedweight.net > To unsubscribe send an email to contracallers-le...@lists.sharedweight.net >
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