2021 is the first full year of me being self-employed, last year I started working on 11/23/2021 and I paid a little over $100.00 in Federal taxes. I did not pay any estamaited taxes at all this year. Will I be pentalized b y the IRS?
You won’t be penalized unless your tax owed is more than $1,000.
QUARTERLY TAXES:
Regarding the quarterly estimated taxes, the general rule is that you must pay as you go. Meaning that when you file your tax return, if you haven't paid enough taxes through withholdings or estimated tax payments then you might owe an underpayment penalty.
To determine whether you need to make quarterly estimates, answer these questions:
If you answered "no" to all of these questions, you must make estimated tax payments using Form 1040-ES. To avoid a penalty, your total tax payments (estimated taxes plus withholding) during the year must satisfy one of the requirements above.