Quote:
Originally Posted by Xist
I always owe taxes as a 1099 contractor. I figured out how much I owed as soon as the information was available, before all of it was sent to me.
I just did not see the point in submitting it any earlier than necessary. I do not know that I could have come back once they gave us 90 additional days to pay our taxes and postponed it, but it seems that since I wanted to hold onto the government's money, I need to wait for them to give me money.
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I'm not in a hurry to pay taxes either but just a word of caution. If you under-withhold by more than 10% the IRS charges penalties. When I was working on a 1099 I had to file quarterly estimated taxes.