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Didn't pay estimated taxes for 2007 for independent contractor work. Am I going to get fined?

I worked as a freelance video editor during 2007. I made about $12,000 during the year. Most of it during the months of September and August and November and December. Thanks to a lot of business expenses (mainly travel as I drove lots of miles for the particular jobs) the H&R Block Tax calculator estimates that I owe about $700 in taxes. I didn't pay quarterly estimated taxes because I didn't know about them until after the new year. Am I going to be fined for this amount?

Public Comments

1. Be afraid, be very afraid.
2. no fines as long as you file your 2007 taxes and report your earnings.
3. I think you can just refile your taxes and will probably have to pay 6% interest.
4. No need to worry....you'll just be paying one lump sum come April 15th. The estimated quarterlies are to help defray the one time payment.
5. If the balance due is less than $1,000 there is no penalty for not making estimated tax payments.
6. As long as you owe less than $1000 (that's total for income and self-employment taxes) you won't be penalized for not filing quarterly and paying estimated taxes.
7. No. Estimated federal taxes are not required if your total tax for the year is less than $1000. Also, the term is "penalty", not "fine".
8. Since $700 is less than $1000 then you shouldn't be penalized. (If it were more, use form 2210 (if your software doesn't have it yet get the PDF at irs.gov) to calculate it... since it's also based on what you paid in taxes in 2006, you might find that the penalty is very small.)