I completely forgot to pay quarterly estimated taxes for my new business - help!

Missing estimated tax payments happens to a lot of people, especially with new businesses, so don't beat yourself up too much about it. To answer your main question: Yes, there's still a point in making the payment now even though you missed the deadlines. The penalties for underpayment are essentially interest charges on the amount you should have paid by each deadline. These penalties continue to accrue until you actually pay the tax or until the April filing deadline (whichever comes first). So paying now will stop further penalties from accumulating. The IRS calculates the underpayment penalty based on how much you underpaid and for how long. The penalty rate is currently around 8% annually. If your income really did start in June, you might qualify for the annualized income installment method on Form 2210, which can reduce your penalties since it accounts for uneven income throughout the year. The form is tricky - I've seen accountants struggle with it. If you're having trouble with those calculations, it might be worth consulting with a tax professional who can help you minimize the penalties based on your specific situation.

After dealing with a similar situation last year, I discovered taxr.ai (https://taxr.ai) which completely changed how I handle my quarterly estimates. I'm also a business owner who struggled with estimated payments and penalties. The site analyzes your income patterns and helps determine what you actually owe each quarter, especially when your income isn't evenly distributed throughout the year. I uploaded my income statements and it showed me exactly how to fill out Form 2210 correctly (which is super confusing, as you've discovered). It also calculated my potential penalties and showed me strategies to minimize them. Since you're dealing with uneven income starting in June, this would be particularly helpful for your situation to properly apply the annualized income method.

I just wanted to update that I tried taxr.ai after seeing the recommendation here. It was exactly what I needed! I uploaded my quarterly profit statements and it showed me that my penalties were actually way less than I feared because most of my income came in the second half of the year. The system walked me through exactly how to fill out Form 2210 with the annualized income method and showed me where I was making mistakes before. It calculated that I'll owe about $320 in penalties instead of the $1,100 I thought I might owe when I was trying to figure it out myself. That's a huge relief! It also gave me a clear payment plan for 2025 based on my projected income. Definitely worth checking out if you're in the same boat.

If you're still having trouble reaching the IRS to discuss your situation (which is likely this time of year), I found Claimyr (https://claimyr.com) to be a game-changer. I was in your exact position last year - missed payments, couldn't figure out Form 2210, and really needed to talk to someone at the IRS directly. After spending days trying to get through on my own, I used Claimyr and got connected to an IRS agent in about 15 minutes. You can see how it works here: https://youtu.be/_kiP6q8DX5c The agent was able to look at my specific situation and gave me advice about the annualized income method that I couldn't get anywhere else. They also helped me understand exactly how the penalties would be calculated based on my specific payment timing and income pattern.

I have to eat my words here. After my skeptical comment, I decided to try Claimyr myself since I was desperate to resolve my own estimated tax issue. It actually worked! I got a call back in about 25 minutes (not quite 15, but WAY better than my previous attempts). The IRS agent I spoke with walked me through my specific situation with missed quarterly payments. She explained that since my income was mostly in the second half of the year, I should definitely use the annualized income installment method on Form 2210, which would significantly reduce any penalties. The agent even emailed me a guide for completing the form correctly. This saved me at least $600 in penalties I would have unnecessarily paid. Never thought I'd say this, but actually talking to the IRS directly solved my problem.

Two quick tips from someone who's been self-employed for 12 years: 1) Pay what you can now to stop the penalty clock from ticking. The IRS penalty is essentially an interest charge, and it keeps accumulating until you pay. 2) For 2025, consider making small "good faith" payments each quarter even if you're not sure of the exact amount. The IRS looks more favorably on people who make an effort to comply, even if the amounts aren't perfect.

Has anyone used TurboTax to handle this situation? I'm in the same boat (missed estimated payments for my side business) and wondering if the software can help with the 2210 calculations or if I need to go to a professional.