When making estimated quarterly tax payments, there are a few things to keep in mind. Estimated quarterly taxes are paid to the IRS four times a year. You make these
1099 tax payments for the income you’ve received that didn’t have taxes taken out.
For example, if you work as a freelance writer and are paid per article, the client pays you one flat fee for your article. The client doesn’t take any taxes out of your payment and you still need to pay taxes on that payment.
On the other hand, if your side gig is in freelance
photography and you still work a W-2 job, you still need to pay taxes on the income you received from the photography
gig.
This might be your first year working as a freelancer or
self-employed person, and you might be asking yourself, do I have to pay quarterly taxes my first year? Regardless of how long you’ve been freelancing, you still have to pay quarterly taxes if you made $400 or more.