Freelancers - Is There a Penalty for Underpaying Your Taxes?

As a free lancer, you can't the cash in hand when somebody writes you a check. And so you have to save it away and then pay estimated taxes. The idea that you can get a big tax bill at the end of the year,. but at that point, the government looks at you and says, say, you should have been paying taxes all along. This is too much. From now on, you are to pay us every quarter.

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