Do I file Quarterly Estimates in April if I started an LLC partnership the current year with no income expected until May?

[LeeM · Accepted solution]

You do not have to, but if you expect to have a large tax bill at the end of the year, you probably should. Basically, you do not have to file estimated payments at this time because you are not sure you are going to make money. Once you are sure you are going to make money and have a tax amount due, then you should start making estimated payments.

If you are not the only member in the LLC (if you have partners), you will have to file a separate tax return for the business. You will then get a K-1 from that LLC that you enter on your personal tax return. If you think you will owe a substantial tax amount at the end of the year, you can indeed do estimated payments. 

If you don't make estimated payments, you could get hit with a penalty if you owe a large amount but that could be removed by showing the income was not earned until the second half of the year.