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Angie, Tax Preparer
Category: Tax
Satisfied Customers: 226
Experience:  Bookkeeping, Profit and Loss, Balance SheetsAll types of US Taxes, Tennessee taxes, Personal, business, payroll, sales tax etc.
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I would like to know that how to estimate quarterly

Customer Question

Hello,I would like to know that how to estimate quarterly tax payments regarding my situation.
We are an MMLLC, elected as partnership for tax purpose.The LLC was registered in Ohio in Nov. 2015.
Our main business right now is to host a classical music festival/camp in the summer. So June/July would be the main time for income. But the festival revenue is subject to the number of participants. We have no idea at the moment that how many people will apply since our deadline is until June 15.
Other than the Festival, we also perform on local events, but for this year, there won't be many. We are only expecting $1000 in total for event performances.
So based on the situation, how do we estimate the quarterly tax payments? Thank you!Laurance
Submitted: 1 year ago.
Category: Tax
Expert:  Angie replied 1 year ago.
Unless you are expecting to owe more than $1000.00 in combined income and self-employment taxes there is no need to make estimated tax payments.
Expert:  Angie replied 1 year ago.
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