Thank you!!!! I will have to go quarter by quarter I believe, due to income variability. There is just no way of telling how much income the business will have. I'm scared to make a mistake! Please see additional questions below.
Question; Is there a penalty for uneven quarterly payments? If we skip a payment, if we feel we paid too much for a quarter, is there a penalty for skipping a quarterly payment? I wish they wouldn't make it so difficult for a small business just trying to survive. It is discouraging.
Question: Does one have to do another estimate using1040SE if payments vary quarter to quarter?
Question: Does one use a form to send quarterly payments to the state of Minnesota? If so, what is the form please? How does one get vouchers for the 1040 SE and the state of Minnesota? Does one do the 1040 SE first and then do the Minnesota form based on information on the 1040 SE?
Question: Do I refer to our 2024 tax for the information needed on the 1040 SE.
Question: Do I send in form 1040 SE copy each quarter with payment or just initially with first quarter?
Question: If I don't factor in deductions and expenses in the estimates, can we still take the deductions and expenses when we file taxes and is there a penalty for not taking into consideration the deductions with the estimated taxes?
I'm getting there and am very thankful for the help. I'm hoping to survive this first year of business with all of this!
Thank you so much
