Did you have a profit on schedule C for 2023? What will you have for 2024? Do you have any withholding like from Wages W2? Maybe your withholding was enough to cover the Self Employment tax. Any penalty would be on 1040 line 38. Did you have an amount on line 38?
For SE self employment tax - if you have a net profit (after expenses) of $400 or more you will pay 15.3% SE Tax on 92.35% of your net profit in addition to your regular income tax on it. So if you have other income like W2 income your extra business income might put you into a higher tax bracket.
You must make quarterly estimated tax payments for the current tax year if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
- 2. You expect your withholding and credits to be less than the smaller of:
90% of the tax to be shown on your current year’s tax return, or
100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)
You can make an Estimated payment on the IRS website. Be sure to pick 2024 1040ES payment
https://www.irs.gov/payments
Or Here are the blank Estimates and instructions…..
https://www.irs.gov/pub/irs-pdf/f1040es.pdf
