JBedford
Employee Tax Expert

Self employed

Hi, @r0sabr0y , thanks for your question! 

 

The bad news is that you can't necessarily "catch up" on estimated tax payments that were not made by the quarterly deadlines. However, you can at least minimize any negative impact. Simply make a payment by the next deadline, which is September 15, in the total amount that you would have paid by now if you had made the desired payments in April and June. Also, if you pay enough in so that you owe less than $1,000 when you file your tax return next year (or even better, enough to get a small refund), this may ameliorate any penalties. 

 

As to your second question, if you have a single-member LLC, that will also be filed as part of your personal tax return. Any rental income outside of the LLC would be as well, assuming that you are the only owner. Only a multi-member LLC would require a "business" tax return, which would also be filed next year. But you still might want to make estimated payment for all of this activity. 

 

Hope this helps, please let me know if not! 

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