1st year in business. I did way above my expectations as a contractor in California. so I didn't get an accountant. w2 employee before and had rental property always just did taxes myself before.
I estimate i made about 400k. wife has a w2 and makes about 50k. she has tax withholding every paycheck.
I didn't know i had to file or pay quarterly taxes
do I get a penalty for not filing and paying?
I have 250k in a savings account I use for "taxes"
should I send the irs the money now? before April 15?
how much should I send as an estimate now?
Sole proprietor- did not file or pay quarterly tax for 2025. 400k net income before deductions. what's the penalty?
byu/wenttohellandback intax
Posted by wenttohellandback