What is the name of your state (only U.S. law)? California
I read that as a small business owner I am supposed to estimate my taxes and pay them quarterly; the next payment is due June 15. We are supposed to estimate income for the year and pay 1/4. However, I did not have income from January to end of May. Therefore, my income can only be estimated for 8 months (May to Dec). I would like to pay 1/8 of my tax estimate for the month of May, then 3/8 for the next quarter, 4/8 for the last quarter (the quarters aren't evenly distributed) because to do 1/4 for June would mean that I would be prepaying on next quarter's income rather than paying on the last quarter. Is that OK to do it as 1/8 for May?
I read that as a small business owner I am supposed to estimate my taxes and pay them quarterly; the next payment is due June 15. We are supposed to estimate income for the year and pay 1/4. However, I did not have income from January to end of May. Therefore, my income can only be estimated for 8 months (May to Dec). I would like to pay 1/8 of my tax estimate for the month of May, then 3/8 for the next quarter, 4/8 for the last quarter (the quarters aren't evenly distributed) because to do 1/4 for June would mean that I would be prepaying on next quarter's income rather than paying on the last quarter. Is that OK to do it as 1/8 for May?