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March 9, 2020
Question

What do i do if i forgot to pay taxes all year doing side and odd jobs being self empolyed?

  • March 9, 2020
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1 reply

March 9, 2020

If you have not paid estimated taxes for the income you received doing your self-employed jobs, then you will most likely have a balance due to pay when you file your tax return.  There may also be an underpayment penalty included as part of that balance due.  

 

How much of a balance due and penalty is determined by your total income minus your expenses claimed on Schedule C for your self-employment.  You may also qualify for some credits based on your situation that will help to cover any taxes that you owe.  

 

The only way to find out for sure is to complete your tax return and see what the end result will be.  

 

Also, as you are going through your return, you should consider setting up estimated payments for 2020 if you expect your situation to be similar to 2019.  

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