I'm starting an online business/blog which will primarily be receiving income from ads, affiliate links, and sponsored content. I have a few specific questions but please feel free to add any advice you have. Thanks!
- Is there a threshold that I have to reach before I have to do estimated taxes? (hypothetical example: I don't have to pay taxes until I reach $500/mo)
- Are estimated taxes done in addition to regular yearly income taxes?
- How much should I be putting aside and when? 30% every month? Higher percentage? Lower? More frequently? Less frequently?
- Can a reasonably intelligent person do their own estimated taxes or is it best to hire a professional?
- What are the tax forms I'll be using and how might they interact with/be relevant to my W2s from my day jobs?
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