I run a small non-profit and after years of not accepting a paycheck, my board and I agreed on small salary. I pay myself monthly.
My husband (who is technically the CFO) and I sat down for an entire weekend a year ago and reviewed the requirements for me to pay my taxes (both to the IRS and the state of Minnesota). We ran into a lot of conflicting and confusing information and we both walked away from this weekend of planning with the understanding that he was going to investigate and finalize some of the details.
I say "technically" the CFO because his interest and overall commitment has absent ever since beginning of quarantine, and now with him working from home permanently (he needs social engagement and he does not like that his job decided to do this). He lives with clinical GAD and Bipolar 2. He takes his medications and regularly follows up with his psychiatrist. I feel the need to mention all of this because it helps explain why he has emotionally disappeared from our marriage, as well as his commitment to my nonprofit.
Unfortunately he did follow through with finalizing the details of the who, what, when, where in regards to where I should be sending my quarterly self-employment taxes (it's also my fault for not bugging him more about this, but his mood has been pretty yucky, so I've tried to keep my "nagging" to a minimum).
When he was rushing to do the taxes last week. He told me that I owed the IRS 2K. I had been under the impression that we had been regularly paying something with our shared income and savings, but that is not the case. I used my personal savings to cover this. I'm just glad I had that much!
I do not want this to happen again.
However, when I look through all the plentiful resources from the IRS I'm still not getting specific answers to my questions: Do I need to be paying monthly? Or quarterly? Or if it's fine just wait until the end of the year and shell out a big chunk of money?
Can I set up a payment method (and if so, where?) ectronically or do I need to physically send a check?
Has anyone been in this position? Are there resources you found helpful?
Recap: Where do I send?
Paycheck is 1600 monthly
I paid 2K total end of this year.
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