New Business Owner SE Taxes when operating loss for year is confirmed
Hello!
I have started an SSTB-type business this year as an independent private wealth advisor. I am projecting a net operating loss this year of nearly $20,000. I received my first monthly revenues in July in August totaling around $500. This will project to get to $3k-$4k by the end of the year.
If I know my expenses of starting up are well-exceeding my revenues for this first year of my business and receiving a 1099, do I need to pay quarterly FICA estimates?
Important to note: I am also a W2 in a different position at the same firm.
Thank you for your guidance and happy to answer any questions!