KochuK
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Get your taxes done using TurboTax

Hi Jessiegirl10, thank you for attending the event and posted questions.

 

Congrats on your new business.

Attached are Schedule C Profit or Loss From Business and its instructions

https://www.irs.gov/pub/irs-pdf/f1040sc.pdf

https://www.irs.gov/pub/irs-pdf/i1040sc.pdf

If you have net income (gross revenue less related business expenses), then income tax and self employment tax apply.

 

The fact that you receive income in September 2022 does not mean your business is profitable. Please use the attached Schedule C to estimate net income, if any. 

 

There are four estimated tax payment dates: 4/18/22, 6/15/22, 9/15/22, 1/17/23. You can effect payment any time now until 1/17/23.

 

Regarding unlikely potential penalty, please refer to below link 2nd question/answer.

IES Estimated Tax FAQs

https://www.irs.gov/faqs/estimated-tax

 

Hope the above helps. Thank you

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