How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29569
Experience:  Taxes, Immigration, Labor Relations
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

I just created an LLC in Jan....I have received income for

Resolved Question:

I just created an LLC in Jan....I have received income for my business and would like to pay quarterly taxes. Since my income for the year is still to be determined because my payments are sporadical; what is the best way to pay my quarterly taxes
Submitted: 5 years ago.
Category: Tax
Expert:  Lev replied 5 years ago.

Hi and welcome to Just Answer!

The best way is to determine your quarterly estimate taxes based on your prior year tax liability.


- You might avoid underpayment penalty. Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller.
So - if you know your prior year tax liability and estimated tax liability for the current year - you may determine the minimum amount of estimate taxes to avoid underpayment penalty.


If your tax liability will be more or less than in the prior year - you will correct your estimate taxes in the last payment.

Let me know if you need any help or clarification.

Lev and other Tax Specialists are ready to help you