2022 Taxes

[DawnMShafer]

Does Turbo Tax offer help in bookkeeping for paying taxes Quarterly? 

[AdamNe]

Hello @DawnMShafer ,

We have a couple options here. When you file your current year tax return, you can estimate the next year's quarterly estimated tax vouchers at the end of the process under "Other Tax Situations." You use your own estimates of your total income for the following year to create those vouchers. 

If you need to get more detailed than that, and you would like to pay quarterly estimated tax based on your actual net income per quarter, I would suggest looking into Quickbooks as a bookkeeping tool you can use throughout the year. When you set your business up in Quickbooks you can choose the type of entity you have, and Quickbooks will automatically help you with your estimated tax filings every quarter. 

[KochuK]

Hi DawnMShafer

Intuit has an excellent bookkeeping software Quickbooks for your business. Believe you need to data entry and run the software but there are ample help available.

https://quickbooks.intuit.com/learn-support/

You can also use a spreadsheet, such as Excel to tally up business income and expenses since Schedule C only requires business income and business expenses in category total.

https://www.irs.gov/pub/irs-pdf/f1040sc.pdf

https://www.irs.gov/pub/irs-pdf/i1040sc.pdf

To project your 2021 tax liability, TurboTax Online for tax year 2021 should be available by end of December 2021. Once known, you can use form 1040-ES or IRS Direct pay to effect last estimated tax payment on or before 1/18/2022.

https://www.irs.gov/pub/irs-pdf/f1040es.pdf

IRS Direct Pay with Bank Account

https://www.irs.gov/payments/direct-pay

Additional Information on IRS Direct Pay

https://www.irs.gov/payments/direct-pay-help

Available Payment Types for IRS Direct Pay

https://www.irs.gov/payments/available-payment-types-for-irs-direct-pay

Hope the above helps. Thank you.