Quesitons about First Time Business Filling

[kcnychief]

I work full-time and am an indepdendent contractor on the side part time. Checks for my work are made out to me, and the companies I work for will provide a 1099 at the end of the year.

Should I do anything with estimated tax payments? I don't know how to estimate them being my first year and nothing to base it on. If I don't, won't this pretty much eliminate the refund I would get from my primary job, since the money I owe for this income on 1099 hasn't yet been taxed? Please advise how I can make this as smooth and painless as possible.

[BHoffman]

You need a good tax pro

Get thee to a good tax professional. Self employment issues are complicated and depend greatly on details that aren't possible to answer on a forum, and are never answered for free . Good luck!

[VT-EA]

There is no simple answer - totally dependent on your specific circumstances!

Yes, there is no simple answer - totally dependent on your specific circumstances!

[AZ-Tax]

Well said BHoffman and VT-EA

I could not agree with you more. What is the Edward Jones commercial when the guy called his MD and the MD is going to walk the guy through performing his own open heart surgery : )