Independent contractor taxes - Mt Posted: Apr 10th, 2016 - 5:32 pm
I have a full time job as an employee; however, I'm considering working part time as an independent contractor on my two days off. I have never been an IC before and am wondering about the tax implications for this. I know you are supposed to pay estimated quarterly taxes and that there is a penalty if you just wait and file them yearly. However, I believe I remember reading somewhere of someone who had an employee job and worked as an IC and they only filed yearly because the taxes taken out from the employee position covered it. I also just read on another forum (not MT related) of people who were only ICs and only filed yearly because they were just too lazy to do it quarterly and the amount of the penalty was really small and they were making significantly more than I make at my full time job let alone part time. Could anyone shed some light on this for me? Thanks!
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