Applying for PhD during Masters

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Hi Everyone, 

I started my Masters this year and I knew from the very beginning that I wanted to do a Ph.D. after I was done. I'm conflicted on whether I should apply this year so that if I get accepted I will be able to start right away, or should I wait till next year to apply. I've talked to a couple people and most people take a break in between because they don't have their thesis done by then so they can't use it as a sample paper plus their letter of reference are from professors who only know them for 4 months, and usually they haven't had much interaction with their supervisors since its only the first couple of months into the program. However, there are who people have done it in the past and usually, the university that they are in currently is understanding when it comes to admissions decisions.

I think it would be better to apply and see because I don't have any plans set up if I do take a break, plus if I do not get accepted I would have to wait regardless but at least I know that I tried. I'm not too worried about doing both programs back to back, so right now my main concern is whether I have enough time to apply. I am only planning on applying to two places and one application is due Dec, 15 and the other is Jan 9th. I haven't talked to potential references about this but I'm worried the deadline might be too close for them to write LOR's. However, I have talked to almost everyone in my program and so I'm pretty sure no one else is applying, so I would potentially be the only one they would write a letter for. 

All this has been so stressful and so I would appreciate any advice, especially if anyone has applied during a situation like this in the past.