RobertB4444
Expert Alumni

Self employed

You're doing good.  Keep it up.

 

There is no penalty for uneven or skipped quarterly payments as long as you're paying enough in.  A lot of businesses have variable income throughout the year and that results in bigger payments due for some periods that others.

 

No new estimates are necessary unless you are trying to hone the payments with new information.

 

Here is where to figure and file Minnesota estimated taxes.

 

Yes, it is always best to use the current year information to plan for the next year.  That is what the IRS uses.

 

You only send in the 1040 SE with your tax return.  You don't need to submit it with your estimated payments.

 

You calculate your estimates based on your income minus expenses.  If you don't have all of the expenses available you can calculate the estimates off your gross income and then take the deductions later.

 

The only way you get penalties is by underpaying your estimates.  If you still owe too much at the end of the year or didn't pay in enough during the quarters where you made the most then there will be interest or penalties added.  So if you're not sure how much to send and you can afford it then sending in a little extra is not the worst idea.

 

@Caroldehaven 

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