When do I need to pay taxes?

[ahmad]

I'm a new therapist & my sole job is to work at a resort spa, who will be paying me as an employee of course.

I will also be working on couple people per week outside of the spa. So, my question is; When do I need to report that income & pay taxes on it?

I'm not pursuing a big clientele right now, but may in the future. Do I need to report that I'm earning an extra $200 a week or can I wait?

Thank you!
(I'm in AZ)

 

[SERROD]

Excellent, that's easy enough. I'll increase my deductions & file the Schedule C form, I'm not sure that it'll really be enough to pay quarterly.

Thanks Silence!

 

[~Animal Hugger~]

I pay my taxes quarterly.

 

[Urahara]

Annually

If your prime source of income is as an employee, you only need to file an annual return.
You can always have an extra $20 withheld per pay period to make up for your untaxed freelance work

 

[Koeta]

Hello,

how do you go about paying taxes quarterly/yearly. I have been a MT for over a year. I didn't gain anything until Oct '05. I started work at a spa that i'm an emplee at since Nov '05. Can someone explain how do i file under schedule C.

TY for your help,
Kristina

 

[Alberto O]

Hello,

how do you go about paying taxes quarterly/yearly. I have been a MT for over a year. I didn't gain anything until Oct '05. I started work at a spa that i'm an emplee at since Nov '05. Can someone explain how do i file under schedule C.

TY for your help,
Kristina

I would strongly suggest hiring an accountant. One of the best business decisions I've made was to hire an accountant for my first year in business. I found out about deductions I didn't know I could take, some I thought I could take but couldn't, etc... If you have all your "ducks in a row" about keeping track of things and don't show up with a shoebox of receipts you shouldn't have to pay a fortune in accountant fees.