New Business Owner SE Taxes when operating loss for year is confirmed

[lucasfelbel31]

Hello!

I have started an SSTB-type business this year as an independent private wealth advisor. I am projecting a net operating loss this year of nearly $20,000. I received my first monthly revenues in July in August totaling around $500. This will project to get to $3k-$4k by the end of the year. 

If I know my expenses of starting up are well-exceeding my revenues for this first year of my business and receiving a 1099, do I need to pay quarterly FICA estimates?

Important to note: I am also a W2 in a different position at the same firm.

Thank you for your guidance and happy to answer any questions!

[LoriLeighEA]

Thanks for joining us today, lucasfelbel31!

Excellent question!

Congrats on branching out! You will not owe Social Security or Medicare taxes during the loss years.

For years that you project a profit, your Estimated Tax Payments will include the FICA.

Self-employment Tax Calculator

Here is an awesome link that goes into more detail: Self-employment Taxes

For additional helpful information: Estimated Taxes - Common Questions