How much money do you need to make before you have to pay quarterly income taxes rather than yearly?

Deal Finder: I think he was asking about when you have to start paying 4 times a year instead of just reporting your extra income on your annual tax return. I'm pretty sure the number is somewhere around $5,000, but even then the penalty for only paying once a year is not that big of a deal. If I remember correctly, it's about the amount the government could have made on interest (not that the government would put the money in an interest earning bank account) if they'd had that money sooner.

This is one of the many areas of the tax code that needs revision. They should just adjust the tax so it factors in the fact that it's only collected once a year. Making people file taxes four times a year is excessive and a waste of resources.

Any money you make you must pay taxes on. The best way to do this is to take 30 cents of every dollar you make and put that in an account. At the end of the year you should be really close.

Maybe a little over.

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