I've tried a quick search through this forum, but couldn't find anything related to my question. My apologies if this has been answered elsewhere.
I started working for the local paper as a freelancer/stringer three months ago. On all my paychecks, they list me as an Independent Contractor and don't withhold any amount for taxes or anything.
That's fine...I set aside 30% of those checks in a separate savings account. But, I've been reading recently about needing to make quarterly estimated tax payments to the IRS. However, I have friends who do some independent contract type work on the side, and they simply process it all with their other tax returns once a year.
I am not incorporated, or running as a business. I am not trying to claim my cameras as equipment expenses or anything like that (not yet, anyway). I get an assignment from the editor, I shoot it, and then send in an invoice at the end of every month.
Can anyone advise me about the need to make quarterly payments, or whether I can wait until tax time next year?