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Realized this morning I lost a major client from this past year and am scheduled to pay WAY too much in estimated quarterly taxes. How do I fix this?

 
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2 Replies
MichaelMc
New Member

Realized this morning I lost a major client from this past year and am scheduled to pay WAY too much in estimated quarterly taxes. How do I fix this?

You can revised your estimates, and reduce the amount of each quarterly tax deposit. Or you can simply omit the last deposit (or more, depending on the expected tax impact). You do want to exercise care not to cut your tax deposits too severely, possibly exposing yourself to a penalty for underpayment of estimated tax.

You can revise your estimates and print new vouchers in TurboTax Self-Employed.

For more information, please see IRS Pub. 334 Tax Guide for Small Business , p. 9.

Realized this morning I lost a major client from this past year and am scheduled to pay WAY too much in estimated quarterly taxes. How do I fix this?

I'm scheduled for auto-pay directly out of my bank account on the estimated tax payments.  I can't seem to figure out how to fix this in TurboTax.
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