I'm an independent contractor, but I'm not sure I'll need to pay quarterly taxes. Is there a way to know for sure? I know I'll have to pay at the end of the year, but I've heard that if you end up needing to pay more than 2,000 and you didn't pay quarterly, you could be fined. Is this true?
I think the IRS figures it out with you. You let them know approximately how much you make per month and they figure out the amount that you will need to pay in quarterly taxes. I just did this in January. If for some reason things change income wise, let them know and they will adjust by the following quarter.
