smahony
New Member

Minimum estimated Tax Payments for hard to predict income

Let's say the previous tax year you made in the area of $85k as a sole proprietor and the contract providing you most of your income ended this tax year.If you're not sure whether you'll be making $0 or more within a given quarter and/or you're currently in a negative cash flow situation, what is the minimum estimated tax payment you should make? In other words, I don't want to have to be penalized for making less than my cost of living. Thanks.