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If your 1099 income doesn't increase unexpectedly that could work
fine, though you might end up overpaying and losing interest you could
have earned.
Which is of less considerably less concern with current interest rates
than it was in the 80s.
On Tue, May 26, 2015 at 3:12 PM, Dan Goldstein <DGoldstein -at- nuot -dot- com> wrote:
> As an FTE with variable 1099 income on the side, I prefer to use line 6 on the W-4. It's served me well for years, with no penalty.
>
> -----Original Message-----
> From: Robert Lauriston
> Sent: Tuesday, May 26, 2015 5:58 PM
> To: TECHWR-L (techwr-l -at- lists -dot- techwr-l -dot- com)
> Subject: Re: Freelancing and EIN
>
> True, there are exceptions, though I don't think I've ever qualified for them in 20+ years of 1099 income.
>
> I should have said if you have 1099 income, you need to check each quarter to see if you need to pay federal or state estimated taxes.
> Otherwise you might end up having to pay penalties (which are not terribly onerous, but it's still throwing money away).
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