(I have researched online for more than 12 hours now, and still have some questions. Please don't be hard on me if they are too basic.)
I am starting my part-time freelance career now (too late for calendar year, I know). My main concern is taxes.
Based on my research, I found out that I need to send the IRS the following:
Annual basis (by April 15 for the previous year): - Schedule C-EZ - Profits and losses - Form 1040 - Individual taxes - Schedule SE - Self employed tax Quarterly (for the previous quarter): - Form 1040 ES
Is this correct?
Do I send the first payment for Q4 2014 before January 15, or do I wait until April 15 to send that with the rest of my 2014 tax forms?
I do not expect to make (from freelancing) >$1k in 2014, and >$10k in 2015. IRS says that I only pay quarterly if I expect to pay at least $1k in taxes during the year. Should I still pay quarterly now?