I started a single-member LLC in October 2022 but didn't bill any work until 2023. I have yet to pay quarterly taxes but recognize that I need to do so. I have a few questions:
1. Is there a penalty for not paying estimated quarterly taxes?
2. How do I calculate what to pay? I know what I have received in payment, but what expenses can be deducted? I am a newbie, sorry. I work from a home office. Can and should I deduct the full cost of my home's internet, for example? Same for my electric bill, snacks, phone, new equipment, etc.
3. Does my personal return, filed jointly with my partner, come into play? If so, how do I calculate what it'll be for this year?
4. I am starting a full-time role soon, so my LLC will be used less. Will I still need to send in quarterly payments?
Thanks in advance for your help. Truly, I feel lost as to what I should be tracking and deducting. Just want to make sure I don't miss any potential deductions, or claim ones that I shouldn't.
