IsabellaG
Expert Alumni

Get your taxes done using TurboTax

Yes, absolutely! If this was the first time your business showed a profit and you didn't make any estimated payments to cover the additional tax, this could be the first time you are seeing an underpayment penalty. 

No, if your expenses exceed your income for your business, you wouldn't need to pay estimated tax for that income, because there would be no additional taxes due.

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