In 2015, I started my business, and it only made about $250 in net income.
This year it's made about $1,100. Quickbooks Self-Employed says I owe $40 estimated for this quarter's taxes, and gives estimates for the prior quarters of 2016 as well.
But I've read that these aren't required if the total estimated tax is less than $1,000. Is this correct?
So should I:
- Pay the $40 it estimates for Q4 2016,
- Pay the $174 it estimates for the entire year,
- Not pay it at all since it is less than $1,000?
