Estimated Tax Payments

At times we have advised you to make additional estimated tax payments, and this can also lead to some confusion. Please review these bullet points-

• If you are a business owner and also processed payroll for yourself, the amounts drafted from your business checking account do not count as estimated tax payments. These were payroll withdrawals which probably included some income tax withholdings.
• Estimated tax payments are typically paid through your personal checking account and earmarked with your SSN to the IRS and / or state. At times a business owner will send estimated tax payments for individual income tax using the business checking account; while incorrect, we still need these amounts so they are properly recorded on your business entity tax returns (1065, 1120, 1120S) and your individual tax returns (1040).

Please provide the amounts paid and the dates so can ensure the business is properly credited when preparing the tax returns. If you are confused, no biggie! Let’s hop on a call and figure it out.

The button below will take you to your Sharefile portal for your safe and securing uploading of tax documents-