Do Freelance Hairstylists Need to Pay Quarterly Taxes?

If you're a freelance or booth-rental hairstylist and expect to owe more than $1,000 in taxes for the year, the IRS generally requires you to pay estimated taxes quarterly — not just once at filing time. When you work as an employee, taxes are withheld from every paycheck automatically. As a self-employed hairstylist, no one is withholding anything for you, which means the responsibility shifts to you to pay throughout the year rather than in one lump sum. The IRS breaks the year into four...