Tax ID, never pay income taxes

Question

I have a sole proprietorship business, I've obtained a Tax ID/EIN, however I've not been paying income taxes, due to low income from the business, and everytime below $600.

Will the IRS get me in trouble, for not paying quarterly taxes?

Answer 1

The rule is that if a sole p gets paid $600 from any one entity, that entity has to file a form 1099 with the IRS, showing the amount paid to that entity.

You, being the sole p paid entity, have an obligation to file a tax return.  IF your net income from the sole p is LESS than $400, there is no self employment tax due.

If you end up owing taxes, you could be in trouble for not paying quarterly.

Answer 2

No, you won't be in trouble for not paying quarterly taxes.

But the limit to file a tax return is $400 for the year, not $600.