When I started my single person LLC earlier this year, I didn't expect to make a profit in my first year. As I understood it, I didn't need to file quarterly estimated taxes because I wasn't going to have a profit.
I recently acquired a small consulting job that will generate a profit for me by the end of the year. Now it looks like I SHOULD file quarterly estimated tax payments. I've already missed the first quarter. How do I remedy the situation? Further, how do people estimate profits in a situation like this?
You should really hire a CPA. There are some things that are worth spending on a professional and this is one of them (especially when it comes to the IRS).
My brother happens to be a CPA, so he helped me with similar issues for my LLC (not for free either - I pay him just like any other of his clients).
However, if I recall correctly, your estimated taxes are relative to your previous years tax payments, so you may be okay this year. I could be wrong. So please, talk to a CPA! He or she can help you answer all of these questions.