turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

quarterly taxes for LLC/self employment

I just organized my LLC in Feb, do I have to pay quarterly taxes yet? I did not have income last year.

1 Reply

quarterly taxes for LLC/self employment

Technically, you are required to pay estimated taxes at all times, either based on your income for that quarter or based on your expected income for the year.  However, the IRS will not penalize you for not making payments if you paid into the system at least as much in 2022 as you paid in 2021.  This means that if you paid zero tax in 2021, you can pay zero tax in 2022 and not get charged a penalty for skipping your estimates. 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies
v