New to 1099 work and questions

[doggielover]

I started a side gig/consulting position that's being paid on 1099 monthly invoicing.  I already work a W2 job so I'll have both.  I've tried reading up on 1099 work but do I still need to file quarterly taxes even if I have a W2 position?  I just started it so by the end of the year I won't have much income from it.  I'm only doing about 15 hours a month if that makes any difference.  

Do I need to have an accountant for this or can I still use turbo tax at the end of the year?  We already planned to save about 30% of the income from the 1099 in a separate account for tax purposes.  

[archiethedragon]

You are not required to file quarterly taxes if you are withholding enough from your W-s job to cover your 1099 work. That said you probably want to increase the amount you are withholding from your w-2 job just to be sure you are withholding enough.

[ellipses84]

For a small amount in the last few months of the year, you are probably ok, because you are having taxes taken out from your other job. I also suggest you increase your withholdings now. You may want to talk to an accountant if the amount in 2021 is going to be more.

I’m in a similar situation. I had a w-2 job for 4 months then I did a tiny bit of independent contracting that really didn’t feel worth hiring an accounting or filing quarterly taxes for. Now I’m doing way more independent consulting and got a new part time w-2 job so I had to hire an accountant and I asked a similar question.

[formerlyak]

Last year I made a couple thousand dollars from my 1099 consulting side hustle. I claim zero with holdings at my full-time W2 job. Enough was taken out of my paycheck to cover my tax liability for both. If you start making a larger amount from your 1099 work, you may want to file quarterly on that piece. I think Turbo Tax can help you estimate quarterly taxes.

[froggy76]

I started at my current job as a consultant, so I had to pay estimated taxes for one quarter this year. You may not need to do that, but I just wanted to mention that it's not a big deal. It's not really "filing" as much as just going on the IRS site and making a payment. I just guessed and sent them what I thought seemed reasonable. Time will tell...

I owed a lot when I filed my 2019 taxes, so I'm thinking of going on the IRS website and just making another payment this year to avoid that when I file for 2020. Turns out the IRS is happy for you to just send them extra money whenever you feel like it.