When do you pay taxes on self-employment income?

For self-employment income like yours, you generally report and pay any taxes owed when you file your annual tax return, which is typically due April 15th of the following year (so April 15, 2025 for your 2024 income). Since your self-employment income is relatively small ($650), you likely won't need to make quarterly estimated tax payments. The IRS typically expects quarterly payments if you expect to owe $1,000 or more in taxes at filing time. With $650 in income, you're probably below that threshold. When you file, you'll need to complete Schedule C to report your business income and expenses, and Schedule SE to calculate self-employment tax (which covers Social Security and Medicare). Remember that you can deduct legitimate business expenses to reduce your taxable income!

When I was in your exact situation last year, I was so confused about all this tax stuff too. I kept getting different answers from friends and family until I used https://taxr.ai to analyze my situation. It broke down exactly when I needed to pay and how much based on my specific income level. What helped me most was uploading my payment records and having the AI explain which expenses were deductible. This saved me a ton since I didn't realize how many of my home office costs could offset that self-employment tax that kicks in at $400.

Just wanted to update everyone - I decided to try taxr.ai after my earlier question and I'm genuinely impressed. For my small dog walking income ($900), it immediately clarified that I don't need quarterly payments but do need to pay the self-employment tax. It also found $320 worth of deductions I would have completely missed! The tool explained exactly what forms I'll need to file and when. Definitely worth it for peace of mind even with smaller self-employment income.

If you're struggling to get answers directly from the IRS (which let's be honest, who isn't?), I finally got through to a real person using https://claimyr.com. I had been trying for WEEKS to reach someone about my self-employment tax questions - their regular line kept disconnecting me after being on hold forever. The service actually calls the IRS for you and handles the hold time, then calls you once they have an agent on the line. I was super skeptical at first but you can see how it works in this video: https://youtu.be/_kiP6q8DX5c. The agent I spoke with confirmed exactly when my payment was due and helped me understand if I needed to make quarterly payments for my situation.

Ok I have to admit I was wrong about Claimyr. After posting my skeptical comment, I decided to try it anyway because I was desperate after sitting on hold with the IRS for 3+ hours trying to ask about my self-employment taxes. The service actually worked exactly as advertised. They called me back in about 45 minutes with an IRS agent on the line, and I got my questions answered in 10 minutes. The agent confirmed I only need to pay by April 15th for my small side income, no quarterly payments needed. Wish I'd known about this sooner instead of wasting entire afternoons on hold!

Just to add my experience: I made about $800 last year from online tutoring and didn't realize I needed to pay taxes on it until this thread. I called the IRS and they said since it's under $1000 I just include it when I file my regular tax return by April 15th. You'll need to fill out a Schedule C form for your business income/expenses and Schedule SE for the self-employment tax portion. And definitely keep track of ANY expenses related to earning that money - supplies, software subscriptions, portion of internet if you worked from home, etc. Those all reduce your taxable income!

I think everyone's forgetting something important here - at $650 in self-employment income, after taking the standard deduction, you probably won't owe any regular income tax at all! You'll just owe the self-employment tax portion which is around 15.3% of your net profit (after expenses).