I have a full time job (my employer withholds for taxes) and my business is a part time online retail company (I am responsible for the taxes). I am sure that I will owe at least $1,500 in taxes from the business.
Will the IRS calculate how much I owe in estimated taxes and self employment taxes automatically? If not, how will they know I have paid? I understand that I will probably have some penalties to face.
Do I need to notify them when filing my tax return next week (April 17, 2018)? Do I make payment at the same time of filing and how? I will be filing with TurboTax Self Employed.
Kind regards,
Lee
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