You'll need to sign in or create an account to connect with an expert.
I do not know the structure of your business, so I will include all business types and their requirements for estimated taxes. If you do not expect to go above one of these amounts, then you can skip estimated taxes.
Nearly every small business owner who operates their business as an LLC, an S Corporation, a partnership, or a sole proprietorship will need to make estimated tax payments.
But, because this is tax law, there is always an exception to every rule.
To find out if you are the exception that does not have to make estimated tax payments, take the simple quiz below.
Estimated tax for corporations.
If your business is operated as a corporation, the corporation must make estimated tax payments if it expects its tax to be $500 or more for a tax year.
A corporation will generally be subject to an underpayment of tax penalty if the estimated tax payments, required in installments, do not equal the lesser of (1) 100 percent of the tax shown on the return for the preceding year, or (2) 100 percent of the tax shown for the current year (the current year tax may be determined on the basis of actual income or annualized income).
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
harryyee-rocketm
New Member
paulhbg1
New Member
Irasaco
Level 2
cvoegtli
New Member
williams3796
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.