@ee-ea I am specifically looking for guidance on how to estimate them using the annualized installment method as our income fluctuates greatly and we also have no prediction of total amount for 2022.
Do dummy returns. Do one now using 4.00X income til Mar 31
For June 15 do one using 2.40X income til May 31
For Sept 15 do one using 1.33X income til Aug 31
For Jan 15 do one using 1.00X income til Dec 31 or file by Jan 31
@ee-ea So if we made $14,000 first quarter...what would that be to pay in estimated taxes? Doesn't that depend on expenses, deduction, qualified business deductions, etc.? I know form 2210 needs to be used but it's a little over my head.
If you do a Schedule C in your return do one in the dummy. Income so far 14K use 64K. Then add up expenses, rent, wages paid, advertising etc to one number and multiply by 4 then enter at any line on the Sch C.
HINT Use 666 as the first 3 digits in the SSN to assure rejection by the IRS.