u/Karter_Laurens

I run a small consulting S Corp. My revenue was about 85k and my expenses were around 30k. I have not made any estimated tax payments this year. I am trying to figure out if I owe federal and state taxes on the full 85k or just the profit.

I have an accountant friend who said I should be paying myself a reasonable salary but I have not done that either. Now Im worried about penalties for not making quarterly payments. Has anyone been in a similar situation and can tell me what to expect.