New business estimated taxes, no income

[Tax_Padawan]

Hello there! I'm looking for clarity on if I have to file 1040-ES. I found this from TurboTax...

"If you had no tax liability for the prior year, you were a U.S. citizen or resident for the whole year and your prior tax year covered a 12-month period, then you do not have to file Form 1040-ES."

My main question is it "...for the whole year AND your prior tax year..."? With this being my first year, will I need to make payments? If yes, with my situation, what would I choose to pay? My situation I have a SMLLC. It is just a website that I will be accepting donations on just to pay for operating costs. This is really just a non-profit type thing until my foundation is settled and I can grow in my vision.

So, do I need to do 1040-ES this year and if so, how much?

Thanks in advance!

[Mike9241]

see a lawyer familiar with tax exempt entities. your personal tax situation is not clear.

depending on what you do to get "donations" the IRS could regard them as income or gifts. gifts are not reported on your 1040. 

as to the "foundation" to be legally tax-exempt requires filing paperwork with the IRS and probably the state. 

if you get tax exempt status for the foundation the activities are not reported on your 1040. rather depending on the size and what it does, form 990, of which there are multiple types, would be required annually. 

Turbotax does not do any of the 990 forms. 

[Tax_Padawan]

I will not be a tax exempt entity. I say non-profit just because my goal is not profits and as of right now I’m just starting off. I see my only income for the near future to be donations from a button on my website. This is a passion project and am not doing it for the money. I just know I will bring money in at some point. And for the next year at least, I’m still building things. Just getting a jump on the legal checklist.