Small business,such as local business,personal finance,credit and real estate.
Question:
My income has increased, is there some cutoff where I need to report quarterly the checks I receive even though I only get an annual 1099-misc ?
Answer:
There are no quarterly income reporting requirements for Federal income tax purposes. However, because you will have no withholding taken from your income, you may need to make quarterly estimated tax payments. For information on how to make estimated tax payments refer to Form 1040-ES, Estimated Tax for Individuals.
You need to be aware that there may be state and local requirements for estimated tax payments. You may want to go to your state's individual Web site for additional information.
References:
Form 1040-ES, Estimated Tax for Individuals
Publication 505, Tax Withholding and Estimated Tax
Tax Topic 355, Estimated Tax
Publication 334, Tax Guide for Small Business
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