I began selling products under a sole proprietorship last year and was notified I need to pay a penalty due to failure to pay estimated taxes, which I was unaware of. Am I supposed to pay estimated taxes to the federal government as well as my state of Iowa?
I also received a 1099-NEC due to a separate gig and there was no federal nor state withholdings. Am I supposed to pay estimated taxes on that as well?
Any tips on how to estimate are appreciated as well.
