You generally only need to pay estimated taxes if you're earning enough from your calling that this is a major part of your overall income.  So I don't pay estimated taxes, and just file my Schedule C (sole proprietorship) with my contra dance income and expenses along with the rest of our taxes.

Jeff

On Fri, Jan 10, 2020 at 5:15 PM Joe Kwiatkowski via Contra Callers <contracallers@lists.sharedweight.net> wrote:
Slipped fingers. The IRS.gov website allows you to make estimated tax payments on line. You can also download the forms and instructions if you want. If you don't make a "profit" in your first three years, the IRS calls it a hobby. You still have to pay taxes, but you can't deduct expenses   Find a tax shop or a book on small businesses. JKLasser has some good thouough books.

Joe Kwiatkowski

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On Jan 10, 2020, at 5:06 PM, Don Veino via Contra Callers <contracallers@lists.sharedweight.net> wrote:
OK, we all know we're really in this for the outrageous sums of money, right? ;-)

But if you're lucky, you're finally at the stage where you're at least covering your costs and have enough gigs where you're concerned the IRS may expect you to be reporting your income, recording expenses, etc.

I've looked into this somewhat and from what I can tell in the US, it involves making quarterly Social Security tax contributions on the income and including the income/expenses toward your estimated tax payments at the Fed/State/Local level. The trick is how.

Does anyone have a pointer to a good tutorial or other tips/direct advice on the topic?

(Apologies for the intrusion of the Real World into our magic place...)

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