Hi - I started a sole proprietor small business in California earlier this year, with my first sales in June. I am primarily selling on Etsy. My husband works a full-time job making more than $250k/year. My income will be significantly less of course, as I am just selling a few things per month.
I honestly wasn't aware I had to pay quarterly estimated taxes for this business, so I want to confirm that I do in fact need to pay them. I think since June I have only sold about $650 worth of products, which is fully offset by my startup costs and inventory costs. Considering I haven't actually made any money yet, how much would I need to pay in quarterly estimated taxes?
Since my husband makes a lot of money, how does that impact my tax rate? We are married and filing jointly.
Do I have to pay quarterly estimates to my state too?
Thank you!
