My wife started her own consulting business in 2018. Because of startup expenses, the business showed a loss in 2018 and quarterly estimated tax payment forms didn't populate in TurboTax. Her company is set up as an LLC, so it's part of our Married Filing Jointly return (I have a regular job through an employer). Her overall loss was about $5K but she is going to have at least $20,000-$30,000 in income this year.
Couple questions on this:
1) Can't we carry forward up to $3K of the losses from last year to reduce the overall taxable income for 2019?
2) Should I start paying quarterly estimated taxes now, even though she showed a loss last year? I already missed the April 15th deadline so will I have to pay a penalty?
Any advice is greatly appreciated. Thanks.
