Originally Posted by
usshelena725
Careful here, if you get audited, it can come back and bite you with a requirement to reverse all the mileage deductions along with penalties and fees.
Same for what others said, if you are just doing this as a side business and are an SP, it is much easier than if you are a C-Corp, LLC, LLP, etc.
FYI - anyone generating more than $1,000 a year in tax liability is 'REQUIRED' by law to file quarterly income tax payments. You must pay estimated tax for 2018 if both of the following apply.
1. You expect to owe at least $1,000 in tax for 2018, after subtracting your withholding and refundable credits.
2. You expect your withholding and refundable credits to be less than the smaller of:
a. 90% of the tax to be shown on your 2018 tax return,
or
b. 100% of the tax shown on your 2017 tax return.
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For what it's worth, I am a licensed and practicing Certified Public Accountant in the state of Tennessee. (lic# 25061).