we have small business as LLC and we havent really get paid much last 3 quarters of this year as we reinvested most of the profits back to the business so we never paid any estimated tax. However since we purchased huge amount of inventories our sale has just rocketed and we expecting large payments to our selves (2 member) as a guaranteed payment, which we might owe tax liability at the end of the year. So we thought we should make same estimated tax payment on the 15th of Jan (last quarter of the year). Last year was our first year of business so we never owe any tax on our return.

I MEANT TO SAY SAY (PAYING ESTIMATED TAX ONE TIME INSTEAD FOUR QUARTERS)

thank you for the assistance

we have small business as LLC and we havent really get paid much last 3 quarters of this year as we reinvested most of the profits back to the business so we never paid any estimated tax. =>In reality many small biz owners do not even usually pay quarterly estimated taxes due to lower amounts of penalties and interest; however, unless your taxable net earnings are small enough roughly NO accurate or established brackets $25k or $30K for small biz, you may be subject to high penalties and interest for NOT paying quarterly estimated taxes.what I mena is ; If you underpay/ do not pay only a small amount, or you correct the underpayment quickly, the penalty will be small.

However since we purchased huge amount of inventories our sale has just rocketed and we expecting large payments to our selves (2 member) as a guaranteed payment, which we might owe tax liability at the end of the year. So we thought we should make same estimated tax payment on the 15th of Jan (last quarter of the year). Last year was our first year of business so we never owe any tax on our return.=====>please read below.

I MEANT TO SAY SAY (PAYING ESTIMATED TAX ONE TIME INSTEAD FOUR QUARTERS)>> Generally, if you do not make at least a minimum payment for a certain payment period, you STILL will owe a penalty/interest. Likewise, if you miss a payment for a certain payment period altogether, then you will owe a penalty/interest from the date the payment was due until the date the payment is made. That being said, say, if you miss the first payment, there is nothing you can do at this point ,short of time travel ,to avoid paying interest/late filign penalties. The interest starts from 4/18/15 and ends the moment the IRS receives the payment.

If my AGI is high enough to attract tax but after taking standard deductions and exemptions my taxable income significantly reduces to where tax due becomes less than $1000 would i be safe from making estimated tax?

Thank you again really appreciate your time

Aslongas you expect to owe less than $1K in taxes for the tax year after subtracting nonrefundable/refundable credits and your federal income tax withholding from the total amount of tax you expect to owe this year , then,you're safe;you don't need to make quarerly estimated tax payments.