Deferred Payment

paulaamaya · ‎October 27, 2021

I filed my taxes as self employed, I received an amount I have to pay by Dec 2021 and the other by Dec 2022. I have my own business, and EIN number. When doing my taxes I was asked how I got paid I put cash, and it asked for my company name and I typed that in as well as my EIN number, but what was filed was an individual 1040 ES. When I look at my tax documents on the page where it says Total Business Profit and Losses my EIN number and company name are there. I filed my taxes jointly with my wife, how do I know where I need to pay the deferred payment and under who? Would it be under my name? Or The company name? And how do I know who's primary on the account my wife or myself?

If I need to register an account with EFTPS who should I register it under? Myself or the company name? I also have to pay taxes I owe, where do I make those payments? On the IRS website or somewhere else?

Is this where the deferred payments are made?

Help please

NancyDrew · ‎October 27, 2021

You can pay your deferred self-employment tax amount due on or before December 31, 2021 on the IRS.gov site: How to repay the deferred taxes .

As it appears that your self-employment income was reported on a Schedule C, meaning that you are a sole-proprietor LLC, as opposed to an S-Corp or multi-member partnership, you should select "1040 US Individual Income Tax Returns" and designate the payment as "deferred Social Security tax."

You should register under the primary name on your tax return, which is the first name (yours or your spouse's).

Please be sure to apply the payment to the 2020 tax year where you deferred the payment. Finally, if you are using Direct Pay, select the reason for payment, "balance due." If you are using the "Card Program" to pay with a debit or credit card, select "installment agreement" as reason for payment.

View solution in original post

NancyDrew · ‎October 27, 2021

You can pay your deferred self-employment tax amount due on or before December 31, 2021 on the IRS.gov site: How to repay the deferred taxes .

As it appears that your self-employment income was reported on a Schedule C, meaning that you are a sole-proprietor LLC, as opposed to an S-Corp or multi-member partnership, you should select "1040 US Individual Income Tax Returns" and designate the payment as "deferred Social Security tax."

You should register under the primary name on your tax return, which is the first name (yours or your spouse's).

Please be sure to apply the payment to the 2020 tax year where you deferred the payment. Finally, if you are using Direct Pay, select the reason for payment, "balance due." If you are using the "Card Program" to pay with a debit or credit card, select "installment agreement" as reason for payment.