Sorry — misread.
No you don’t. As I said, I just had a year like that.
As a new taxpayer (I suggest S-Corp) you will not be held to estimates or anything like that. DO get an EIN and accountant right now.
Just pay at the end of the year like normal. Also as I said, put money away for taxes.
Oversimplified example: you make $90,000 on a W2 job, $10,000 on outside work not subject to withholding. You do not have to make a quarterly payment. (YOU WILL have to pay taxes on the $10K next April.) If you make $15,000 on the outside job, you MUST make quarterly payments or you WILL be charged penalties and interest.
Note I am Oversimplifying, and talking here about net taxable, not gross income. Also some seasonal work and farmers and fisherman have special exemptions.
Oversimplified example: you make $90,000 on a W2 job, $10,000 on outside work not subject to withholding. You do not have to make a quarterly payment. (YOU WILL have to pay taxes on the $10K next April.) If you make $15,000 on the outside job, you MUST make quarterly payments or you WILL be charged penalties and interest.
Note I am Oversimplifying, and talking here about net taxable, not gross income. Also some seasonal work and farmers and fisherman have special exemptions.
Yah i seem to have skated around the edge of disaster this past two years so far without an S-corp. but if a certain project ever gets fired up again then i may have to revisit that decision. I am not however holding my breath that that will happen. So la la, live for today.