You are required to pay self-employment tax to the IRS (and your state separately if your state taxes personal income) for each quarter your business receives income. Now the date of your post is "2 weeks ago" and with today being Jun 15th, that means you were "open for business" sometime the last week of May. Therefore it's not possible for your business to have been paid any income for the first quarter. Take note also that quarterly tax payments are not due when you may think (every three months). The IRS schedule for 2019 quarterly taxes is as follows
Apr 15, 2019 (not applicable to you since your business did not exist prior to this date.)
Jun 17, 2019
Sept 16, 2019
Jan 15, 2020
Now this IRS has the 1040-ES quarterly payment forms and instructions for figuring and filing your quarterly taxes at https://www.irs.gov/pub/irs-pdf/f1040es.pdf Now you can most certainly use that package if you so desire. But in my 15 plus years of being self-employed I've found it to be a major waste of my time. Basically, if you just send the IRS 20% of your gross business earnings each quarter, then come tax filing time you'll be okay. The way it works is like this: Come tax filing time if what you owe the IRS is less than $1000 or less than 10% of your total tax liablity (whichever is *HIGHER*) then no underpayment penalties will be assessed.
In my 15 years of sending the IRS 20% each quarter I've always been well within $1000. In fact, I almost always get some of it refunded back. In the two years I owed the IRS, the absolute most I had to write the check for at tax filing time was for $472. Since what I owed the IRS was less than $1000, I did not have to pay any underpayment penalties.
I also find it easiest and simplest to pay my quarterly taxes online at www.irs.gov/payments. Just make sure to print your receipt when done and file it with your business records so you have it at tax filing time.
Will me paying quarterly taxes stop me from being able to file them for next year's tax return and if so will I get penalized for it?
No matter what, you are still required to file an annual tax return each and every year you have income from any source. Your business is what the IRS refers to as a "disregarded entity". That designation applies to sole proprietorships (which I suspect is how you're set up) as well as single member LLCs. I'll include for your reference a list of definitions of the different business types in a separate post in this thread.
When you complete your 2019 tax return next year, you'll be including a SCH C with that return to report all your business income and expenses, as well as those quarterly taxes you would have paid for each quarter your business produced income.
Now there's a lot more questions you have, and I know that. But in an effort to avoid "information overload" I'll wait for you to ask those questions. Last thing I want to do is add to any confusion you may be experiencing.
