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Self-employed or “1099 income” is not taxed before you receive it, so you need to plan to pay income taxes on this income. If you make above a certain amount of this income, it’s recommended that you make estimated tax payments every quarter so the IRS doesn’t charge you a penalty.
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Self-employed or “1099 income” is not taxed before you receive it, so you need to plan to pay income taxes on this income. If you make above a certain amount of this income, it’s recommended that you make estimated tax payments every quarter so the IRS doesn’t charge you a penalty.
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