Paying estimated quarterly taxes... HELP!!!

Forum|Forum|4 years ago
April 18, 2022
2 replies
33 views

I opened a small home based business (SMLLC) at the end of last year so only December was counted towards my last years taxes. I also do freelance/odd jobs which was also counted in my last years taxes. I do not expect to have much tax liability and owed nothing last year (21) but when I opened my LLC I was told I have to make estimated tax payments. I don't know how to do this and do I absolutely have to if my tax liability is so low even if told I had to?

AmyC

Level 15

The IRS wants you to owe less than $1,000. You need to make estimated payments if you will owe more than that. If you have a w2 job, you can have them withhold more to compensate for the business earnings. Here is my favorite IRS website: Small business. It has information to hep boost your income and many more helpful things.

Form 1040-ES, Estimated Tax for Individuals

Can TurboTax calculate next year's federal estimated taxes?

Can TurboTax calculate the estimated payments for next year's state taxes?

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Keith-1

Level 2

Best to pay them to avoid fees and interests.Look at www.irs.gov to set up an account