Business & farm

estimated taxes are based on your income tax for the whole year that is not covered by withholding. taxes are based on your income for the whole year -  the LLC's (kind of doubtful that it had a net profit since it operated for such a short time). however, we can't see the QB so there's no way to know if what WB shows is correct for income tax purposes. ask the tax pro

There will be no federal penalties for not paying in enough taxes during the year if withholding
1) And timely estimated tax payments equal or exceed 90% of your 2021 tax
or
2) And timely estimated tax payments equal or exceed 100% of your 2020 tax (110% if your 2020 adjusted gross income was more than $150K)
or
3) the balance due after subtracting taxes withheld from 90% of your 2021 tax is less than $1,000
or
4) your total taxes are less than $1,000

state laws differ