@bender_1227 wrote:
We did have some revenue last year but since we took a loss do I need to pay quarterly taxes this year?
Again, your quarterly estimated tax payments depend on your total income and total tax, not just your business income. So the fact that you had a business loss last year is irrelevant. In the first post above, VolvoGirl gave you the rules for determining whether you have to make estimated tax payments.
@bender_1227 wrote:
If so would I just need to estimate what our revenue is going to be minus expenses. Then multiply that number by my tax rate and divide that by 4 to get the quarterly monthly payments?
No. You can't base your quarterly estimated tax payments on just your business income. VolvoGirl also gave you instructions for how you can use TurboTax to calculate your estimated tax payments.
You have already missed the first two payments for this year. You can make a late second payment, but the amount will have to be double to make up for not having made the first payment.
