How to Pay Self-Employment Tax for Single-Member LLC only has Revenue in Dec?

[Irenchen]

During the course of the year, my single-member LLC receives only regularly small revenue as expected. I did not expect to owe more than 1,000 income tax so I did not pay my self-employment tax during the entire year . But in Dec I got a sizable revenue that would make me owe more than 1,000 tax for 2017. I have never paid quarterly self-employment tax before due to low revenue & tax payable, so this would be my first time. As I am preparing to complete 2017 tax return, my question is if there is a way I can do now (Feb 2017) to avoid any penalty due to owing more than 1000 without paying any estimated tax and self-employment tax for 2017? In other words, now I will owe more than 1,000 tax is there any way I can do to avoid self-employment tax penalty? Or is there any penalty in my case?

[DanO · Accepted solution]

There isn't anything you can do about the penalty, but rest assured with the amount of taxes your estimate to owe, the penalty should be very minimal, somewhere around 25 dollars. 

The self-employment tax will be paid with your individual income tax 1040 return, so there is nothing to be concerned about there.

For next year you can make your estimated tax payments, quarterly would be best so you can monitor if you need to make adjustments or not as the year goes on.