How do you file quarterly taxes if you have no idea what your business will be bringing in? We started a consulting business (Multi-member LLC) last year right before Covid hit so we only made enough for one trip to the grocery store in 2020. We expect to have some clients this year but how many and what the income will be, and when, as consultants, we have zero clue.
I also read on the IRS website about late payments to quarterly taxes. How can there be late payments? If we make no money the 1st quarter but do in the 2nd quarter, are we going to get hit with a quarterly late payment fee because we didn't file a $0 payment for the first quarter and now they're receiving a 2nd quarter payment? Once we start filing quarterly payments, are we on the hook to submit them, income or not, forever?
