Taxes are the worst.
No matter how much you hate them, you still have to pay.
However, filing taxes as a freelancer can vary quite a bit from filing taxes as an employee.
I’ve seen many freelancers assume that they have to submit their taxes annually just as they did before freelancing.
However, if you’re self-employed and still submitting taxes annually, you might be making a big mistake.
“Not submitting quarterly estimated taxes
Quarterly estimated taxes are the payments that self-employed people usually need to make four times a year to the IRS.
You generally have to make estimated tax payments if you expect to owe tax of $1,000 or more when you file your return.
Penalties can vary for not filing quarterly — that’s money that no one likes to lose.
It doesn’t matter if you use an accountant or file your taxes yourself, if you’re a 1099 employee or a freelancer, it’s up to you to file your taxes four times a year and to make sure you’ve got the money set aside to pay them.”
See the other 3 mistakes at Freelancers Union.