EFTPS doesn't list 1040-ES to make my estimated tax payment

[checkyourmirrors]

I am a first year sole proprietorship and I am wanting to make my estimated tax payment. I have an account on EFTPS under my Business EIN/TIN however when I click payment, there is no 1040-ES form listed nor any form that has estimated so I am confused as to how to make the payment. I'm hoping someone can clarify how I go about this....I also have an account on Pay1040.com and if I select Make a Payment and select Business, there is also no 1040-ES form listed.

[xmasbaby0]

A 1040ES is an actual paper form that can be used if you are mailing in a check or money order.  You do not need to use a 1040ES to make an estimated payment online.   If you make those payments online, you need to keep your own accurate records of how much you paid so that when you prepare your tax return at tax time, you can enter how much you paid during the year.

At tax time:

 Go to Federal>Deductions and Credits>Estimates and Other Taxes Paid>Other Income Taxes 

[checkyourmirrors]

The challenge is you HAVE to select a form on both Pay1040.com as well as EFTPS, so if not using 1040-ES, which form should be chosen for the estimated tax payment?

[xmasbaby0]

https://www.irs.gov/payments

[JotikaT2]

If your business is set up as a sole proprietorship, then any estimated tax payments would be made as if you are paying from your individual account, hence the 1040-ES.  It sounds like you may have set up your account as a business on the tax side of things, therefore the IRS would be expecting an estimated tax payment using a business voucher if you set it up as a business that would not be filed under your individual return.  

Since it sounds like your business is set up as a sole proprietorship, your business information would be reported under your individual tax return on Schedule C.  Please see this link for more guidance on how your business activity would be reported when you file your tax return.

As for the estimated tax payments, please see this link (as also provided by xmasbaby0 above) from the IRS to help guide you in making the estimated payments if you are filing as a sole proprietor on your personal return. 

@checkyourmirrors 

[checkyourmirrors]

Sorry for the perhaps stupid question(s) and to your comment "It sounds like you may have set up your account as a business on the tax side of things" and I applied for an EIN from the IRS as a Sole Proprietor and I wanted the EIN to shield my SSN from companies I do business with. 

Knowing that, I assumed I need to pay my estimated taxes under the EIN and if I do this with a business voucher, I assume that means I can't make an online payment (since 1040-ES isn't showing up as an available form) and I must send a check?

[VolvoGirl]

You will be filing the business on your personal return on Schedule C as self employment income.  For tax filing your business is a disregarded entity.  All the tax is paid on your 1040 return.  So pay the estimates as an individual 1040ES.  Just pick Individual.  

Pay directly on the IRS website https://www.irs.gov/payments

Be sure to pick the right kind of payment and year.....2024 Estimate

Unless you are a Single Member LLC that is a S corp.  Then you do need to file a separate Business return.  

[VolvoGirl]

I think what I was trying to say is all your personal individual estimated 1040ES payments will go towards your tax return including the business SE tax.

You will pay Self Employment tax (Scheduled SE) on a Net Profit of $400 or more on Schedule C in addition to regular income tax on it.   You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400).  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  The SE tax is in addition to your regular income tax on the net profit.

Turbo Tax guide to Estimated taxes

A Guide to Paying Quarterly Taxes - TurboTax Tax Tips & Videos

You must make quarterly estimated tax payments for the current tax year if both of the following apply:

- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.

- 2. You expect your withholding and credits to be less than the smaller of:

    90% of the tax to be shown on your current year’s tax return, or

  100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months).