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1040 ES payments calculations
I'm a LLC with Sch C, since the new 2018 tax changes, I can deduct 20% of qualifying income from taxable income, so how can i adjust the 1040ES values to reflect for this...?"
Answer
June 6, 2019
Yes, you can adjust any of the values used for estimating your 2018 taxes for estimated payments.
Go to Federal, then choose Other Tax Situations.
2. Move down the list until you can see Other Tax Forms. The third item is W-4 and Estimated Taxes, select.
3. The next page asks about W-4 earnings, you will answer No.
4. The next page will ask you about reviewing your estimates. You want to review your estimates so that you can adjust the figures based on what you expect for your business in 2018.
Follow the questions and prompts and at the end you will have a schedule for estimated payments for 2018.
