Estimating your taxes properly and remitting it to the IRS is a fundamental requirement if you are self-employed or earn income that is not subject to withholding. Failure to do so will result in penalties and interest. The general rule is that you should pay your taxes quarterly as they are owed.
If you have elected to set up your business as an LLC (Limited Liability Company), the next question you may have is, How to File Your LLC Tax Return. When an LLC is formed, you can choose the way you are taxed by the federal government. This flexibility is also what makes the LLC structure desirable to small business owners.