I've never filed any tax return in U.S.A.
Last year I began to sell on eBay from Jan. 2017 which is my only income. In Feb 2018 I received 1099-k from PayPal: number of payment transactions: 1500, gross amount of payments $250,000. Let's say I have 20% profit rate. The net income of 2017 would be around $50,000.
Before today April 9, I did not even know a self-employment seller should file quarterly in previous year 2017 rather than wait until April 17, 2018 to file tax for entire year of 2017. There is a Form 1040-ES Estimated Tax which is supposed to be filed quarterly in 2017. Obviously I owe far more than $1000 tax so I am not eligible for exception. I missed all four due dates in 2017!
I have been preparing for filing tax for the entire year 2017 and find almost impossible to get the documents ready before April 17 so plan to file application for automatic 6 month extension.
1040-ES is just for "estimated" tax, now I will have the "accurate" income for the entire year of 2017. I will be filing a regular tax for entire year of 2017, although I will postpone filing.
So are the total four "Form 1040-ES forms" for 2017 four quarters no longer necessary to be filed anymore? Do I still have to file them to avoid any potential further penalty? What is the penalty I already received? How much would be the penalty fine?
April 17 is also a filing due day for 2018’s first quarter. Does IRS have any extension that I can apply for quarterly filling due day?
