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Paying Taxes on a Consulting Position


Mark Schultz
Patina Nation Member
Joined: 3 years ago
Posts: 1
Topic starter  

Good afternoon.

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.

Mark


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Michael Harris
Patina Nation Member
Joined: 3 years ago
Posts: 8
 

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.


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Gwenn Harmann
Patina Nation Member
Joined: 3 years ago
Posts: 1

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Peter Newhouse
Patina Nation Member
Joined: 3 years ago
Posts: 1
 

In addition to the other responses you've received, you will need to estimate your taxes and send to the IRS periodically. If taxes are underestimated, a penalty may be assessed at year end filing.


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