Question

New venture; experiencing loss

Forum|Forum|2 years ago
August 30, 2023
1 reply
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If expenses exceed revenue at this juncture...I'm figuring estimated taxes at zero? Is there a penalty if I don't pay self-employed quarterly estimated taxes? I file a schedule c.

Ask the Experts - Self-Employed - Aug 2023

S

sirshad1

If expenses exceed income, then you are correct you won't owe any tax.

You will file Schedule C as a sole proprietor or as a single-member Limited Liability Company (LLC). You wouldn't use a Schedule C to report business income and expenses of a C Corporation or S corporation.

Please click here for information on penalties.

Please click here for IRS guidance on estimated taxes