Taxes - Quarterly or Yearly?

[a4457673]

Hi,

I'm new to freelancing (started mid July), and I would like to learn from your collective experience about paying and reporting taxes as a freelancer. I will consult with a CPA / Lawyer, however I would just like some information before doing so.

I saw a video on Youtube about this topic, and the person making the video said that she had to pay her taxes quarterly. As we approach Q3 which is in a few days, I am concerned about whether I should be reporting / dealing with taxes. For context, I have earned under $2000 to date. Do I even need to file for or pay taxes for such an amount? 

Thanks,

Obada

[mwiggenhorn]

There is no one answer about taxes.  Everyone's situation is different.  I purchased Turbo Tax for Self-Employed (or small business, I can't remember) and it tells me what to do and when to do it.  Also helps keep track of your business expenses as well. And the cost of Turbo Tax is deductible as a business expense.