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Paying Taxes on a Consulting Position
I've just started as a new independent consultant and am currently on my first assignment for a client. I have been receiving payments each week for my work, but am unsure what forms I must fill out with the IRS to pay the appropriate taxes on this income. Can anyone please provide information as to what I need to do?
Thanks in advance for any assistance you can provide.
You are likely going to get a 1099 form from the client at the end of the year that will include your fees for the year. You may need to make quarterly estimated income tax payments since a 1099 does not have any income tax withheld. I record my consulting fees and expenses on Schedule C of the federal tax return. Hope that helps.