Hello! I am navigating taxes and know almost nothing about them, so forgive me.
Background: I have a full time job that i got in March of last year (I was freelancing before then for about a year after a layoff). I didn't self-report my taxes and got the warning letter after I filed for 2024. After I got my new job, I paused my freelancing but kicked it back up in August-ish, making around $4k since then. Last year I get a 1099-NEC from this freelance client.
Am I screwed for filing for 2025 since I haven't self-reported yet? I'm not so worried about getting a penalty, more about getting audited or something lol. I know about the safe harbor rule and am trying to figure out if the taxes being withheld by my current employer might be able to apply?
Thanks in advance!
Quarterly Estimates on 1099 — Screwed for next year?
byu/ImmediateWasabi7870 intax
Posted by ImmediateWasabi7870