Tax time can be rough for freelancers and side hustlers, especially if you didn’t save enough money to cover your tax bill. April 15 isn’t just the day your 2024 tax bill is due — it’s also the deadline to pay your first estimated quarterly tax payment for 2025.
For most workers, automatic tax withholding makes paying your taxes relatively painless. The same can’t be said if you’re one of the millions earning freelance income. If you have a side hustle, take on contract work or are self-employed, you’re required to pay estimated taxes on your earnings four times a year. Failing to pay enough in estimated taxes throughout the year can cost you.
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