So I am assuming based upon your question and fact pattern that this is a single member LLC. The third quarter ends on August 31, 2024, with the payment being due on September 16, 2024, so you have not missed the third quarter. I would go ahead and pay the first three quarters on or before September 16, 2024, to help mitigate any underpayment penalties. Then go ahead and pay the fourth quarter on or before January 15, 2025. You can go to IRS Direct Pay to make a payment.
Since there are no facts related to if you have net income, addressing the question of a penalty is difficult in the abstract. You usually must pay self-employment ("SE") tax if you had net earnings from SE of $400 or more. Generally, the amount subject to self-employment tax is 92.35% of your net earnings from SE.
The IRS will not charge you an underpayment penalty if: You pay at least 90% of the tax you owe for the current year, or 100% of the tax you owed for the previous tax year, or you owe less than $1,000 in tax after subtracting withholdings and credits.
While Texas does not have an income tax, a SMLLC is a taxable entity for Texas franchise tax purposes, regardless of whether the limited liability company is disregarded for federal tax purposes. I would direct you to go here for more information: Franchise Tax Keep in mind that the Franchise tax, since it is not an income tax is not a form supported by Turbo Tax.
Thank you so much for your question
Be well and safe!
Marc T.
Turbo Tax Expert
27 Years of Experience Helping Clients
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