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Business & farm
Welcome to the Event, leiterdips!
You do need to pay Estimated Quarterly Taxes if you expect to make a profit from your Self-Employment Business. Personal living expenses do not qualify as business expenses, so they would not be deductible for the LLC. Sole Proprietors have to make estimated tax payments if they expect to owe $1000 or more when there return is filed.
Here is a great resource (with a Self-Employment Calculator) to see if you should have been paying these payments: Self-Employment Tax Hub
You can always catch up - you have till the end of the tax year to make payments to the IRS. Use that calculator and see if you will actually owe taxes. Then you may make payments to the IRS through this site:
‎August 28, 2024
11:57 AM