At the beginning of this year I expected to owe well under $1000 in taxes (even doubling my previous year's taxes wouldn't result in owing this much) but things have drastically changed. I now expect that I will owe well over $1000. I am wondering what I should do in regards to quarterly estimates. Should I pay the March 1st one now for what I expect to make this year? If so what type of penalties should I expect for being so late?
My other issue is that a quarter of my estimate is more money than the business has in it at this time.