I’m just over one year into starting an architecture firm so this is my first time doing taxes as a business. I should have used an accountant to help me get set up but I didn’t.
I did not need to file quarterly taxes last year because I tracked the year before and basically made no money. Between starting the firm (LLC where my wife is a member but she still works full time for another firm) and renovationing our house I grossed roughly 30k last year. As of now I’m on the same track this year, but I’ve also put out proposals for projects that would gross 50-60K each so who knows...
Since she gets a W2 we essentially lived off her salary (+-50k) and put everything from the business into retirement accounts and an HSA. Our K1s show that we each made $1900 in the business. We added some last minute money into our IRAs as well so we ended up paying very little in taxes.
I plan on finding a good accountant to help us get set up but in the meantime; do we need to file quarterly taxes for Monday? What amount?
Feel free to throw other advice our way or point me to a similar post if this has been covered. Thanks.
