If I all my self-employed income goes into an Individual 401k, do I still have to pay quarterly taxes? When I pay my annual taxes, my bill will be $0 so not sure what the point is!
Apologies that I also threw this into the Entrepreneurship forum. Just not sure if that or this tax board will get a better response since this question falls into both!
How do you not have to pay taxes unless you have no profits?
If you have no profits, then you don't have to pay quarterly taxes, you are correct.
But eventually, the IRS will wonder after year 2 of no taxes/no profits what you are up to and whether you are using your business as some type of tax shield and losing money on purpose.