Tax professional help needed!!
So this is the first year that I have not had a traditional job and w2 income to show at tax time as well we own 4 rental properties (one in which we live in one side of a duplex). We also did a short term rental on Airbnb on the other side of the place we lived in and the other properties are all rented on yearly contracts. As such I operated the entire year under the assumption that I have had in the past with properties that I just add up my expenses and income at the end of the year and my adjusted gross (usually very little if I use all my qualifying write offs) and pay the tax on the adjusted gross income.
However, in preparation for tax time I was reading up and found that Airbnb rental income is not considered passive income and is actually considered self employment income and subject to self employment tax and that I might need to pay quarterly estimated taxes on both Airbnb income and my traditional rental properties?
The Rental properties will make approximately 20k after write offs and Airbnb will most likely be about 15k after tax write offs. I am married with a child dependent and my wife is an employee of our business as she does the cleaning at the Airbnb rental and we file jointly. Have I missed the boat on the quarterly payments? I had no idea if I needed to do that. Any help would be greatly appreciated. Thanks!