Estimated Taxes Due Tomorrow

[awestbrook713]

Ok so I was just on Minute menu kids looking at the calender and it says estimated taxes due!! I have only been in business since August 1st and doubt I will be owing any wheres near $1000 in taxes this year. Do I have to do the Estimated tax form, and if I don't will I be charged a penalty.

[TomCopeland]

Estimated taxes

Since you won't owe more than $1,000 in taxes this year (income taxes plus social security taxes) you don't have to file estimated taxes.