Do I need to pay estimated taxes if my revenue was less than my expenses? Two estimated tax payment deadlines have already passed. For the first in April, I think I overpaid because when I did the math, my expenses were greater than my revenue. I did this because I was confused and had other income unrelated to my business and accidentally included that income in the estimate based on last year's annual federal tax filing and the IRS estimated tax worksheet. As a single-member LLC business, I took out owner's draws to pay myself and used owner's equity to pay for some expenses which is why I still have a little money in the bank that is owner's equity.
I'm confused because someone who is a bookkeeper told me that I should take out money for taxes before my expenses. However, aren't I supposed to pay expenses, then taxes, and then pay myself or put back into my business? Please let me know the correct order on how to manage this process.
