Thank you so much for your reply.
Just a couple of clarifications please.
1. So it is ok to just do estimate on my small business income and not my husband's job earnings for which he has taxes taken out of checks during the year? It seems like it wouldn't make sense to estimate my husband's taxes as he has the taxes without every paycheck
2. I'm still a bit confused about the Social Security. I pay in funds for it with the estimated tax each quarters but then how does it get to the Social Security and Medicare fund? Does this happen after we file our joint return next spring? I don't understand how it works.
3.
Since our business was at a $400.00 loss last year, would this mean that we wouldn't be penalized for not paying quarterly tax or for paying little under the Safe Harbor rule? I do plan on paying significant quarterly tax, I'm just trying to understand. Is the gross income what is looked at under the Safe Harbor rule or is it the income was remaining after expenses and deductions (the net income) although we ended up with a loss.
4. Will I be penalized if I dont take deduct expenses etc until we do our joint return next spring? I know its like loaning money to the government but I'm afraid of not paying enough tax. We just want to error on the safe side.
5. Do I send in a 1040SE and any state form every quarter or just for first quarter and them send vouchers with payment for second, third, and? Do I do a form for Minnesota after I do the 1040 SE and then pay quarterly taxes to the state too?
6. What happens if we make uneven quarterly payments? Do we have to fill out other paperwork if a quarters payments varies from the initial estimate?
7. If I overpay the taxes, which will probably happen, do we have a choice of getting it refunded or credited?
Hopefully, I can survive this first year of business, taxes, forms, procedures etc!
Thank you for your time and patience in answering my questions and for providing clarification
