S Corp estimated tax
first of all apologies if this is a duplicate, but I thought I posted this yesterday but I do not see it in the forum.
My wife and I (15% and 85% equity respectively) registered a S Corp back in 2009. We did not have any income for 2009 and 2010. We filed the regular tax returns annually the first two years.
Starting 2nd quarter of 2011, my wife picked up a consulting job for which we bill the client through our S Corp. She draws a reasonable salary and pays tax through regular payroll process (Thank You QB). However, since I work fulltime for another corporations and this is on the side, I do not draw any salary. Some of my friends said that I should be filing quarterly estimated tax starting 2nd quarter since there is revenue which (the profits) will be finally distributed to my taxes.
Can I pay my estimated tax now for the 2 quarters?
what are the late penalty implications?
Without knowing the final expenses for the year how will I estimate the profits and hence the estimated tax? Do I need a CPA for doing this?
Can I use the EFTPS online website?
wow! too many questions. :)
But I really appreciate your guidance.