If this was your first year in business, you shouldn't be...

Hi I’m self employed I didn’t know I had to pay quarterly taxes. So for the year of 2017 I made $42540 had $7510 in business miles, my federal taxes are 7938 and my state taxes are 1100? Is

posted

If this was your first year in business, you shouldn't be penalized for not paying quarterly taxes. (Congratulations on a great year!)

However, TurboTax will set you up with vouchers to pay your quarterly Estimate Taxes going forward, so that you won't be in the same boat next year, with a possible penalty.

There are several ways to pay your Estimated Taxes. Here's some info to help you:

https://ttlc.intuit.com/replies/3301258

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"