Taxes: estimated and self employment taxes.
I finishing up all paperwork on starting my cleaning business but I am confuse on the tax issue. if anyone can guide me through this I will be grateful.
I live in FL and have all business paperwork done, from registering as a sole proprietor, sale and use of tax, biz tax registration, EIN, fictitious name and the hole nine yard. During my research as a sole proprietor I read that I have to pay estimated and self employment taxes every quarter. Now, if i haven't received a dime during my first quarter what do I do? I have a friend thats in the cleaning business as well but told me that he doesn't pay these taxes until the end of the year when he files his taxes with the 1099 forms he receives from his customer on Jan. Do i do what my friend is doing? I just don't want to miss something and at the end I will owe the IRS. Please help!!