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Do I include my quartly tax payments in my yearly expenses?

2024 was my first year as a business owner paying quarterly taxes. I am a single member LLC, so my business income is all considered personal income.

 

Under my business taxes it asks me for my total business expenses, and then later under personal taxes, it asks if I have made any tax payments in advance for the year.

 

I know I need to include my business quarterly tax totals under this section of personal taxes. My question is whether I include them under my total business expenses, or if by doing so, the expense is being double counted. For example, by putting $1,000 in both places, does the system think my business has spent $2,000 when I only spent $1,000?

 

Should I include these pre-paid tax payments only one time or do I put it in both places?

 

Thanks for any help!

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2 Replies
ThomasM125
Expert Alumni

Do I include my quartly tax payments in my yearly expenses?

You just enter the estimated taxes in the personal portion in TurboTax, they are not expenses associated with your business.

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Do I include my quartly tax payments in my yearly expenses?

I haven't been able to find an answer to this anywhere. Thank you very much for your quick help!

 

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