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arc2508
New Member

In HomeBusiness, my business paid estimated taxes that appear on my P&L statement. Should I enter my federal estimated taxes for 2016 in Schedule C as an Expense? Where?

 
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In HomeBusiness, my business paid estimated taxes that appear on my P&L statement. Should I enter my federal estimated taxes for 2016 in Schedule C as an Expense? Where?

No.  Estimated payments just go directly on the 1040 line 65 and are subtracted from your total overall tax due.  

You can type estimates paid in the search box at the top of your return and click Find and it will give you a link to Jump To it.

OR
To enter Federal or State Estimated Taxes Paid, including a state estimated payment made in Jan 2016 for 2015 or Jan 2017 for 2016, go to
Federal Taxes (or Personal for H&B/Self Employed version)
Deductions and Credits
Then scroll way down to Estimates and Other Taxes Paid
Estimated Taxes - click the Start or Update button

See this answer, it has screen shots,
https://ttlc.intuit.com/questions/3896471-i-sent-in-three-3-forms-1040-es-for-a-total-of-966-in-2016...

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1 Reply

In HomeBusiness, my business paid estimated taxes that appear on my P&L statement. Should I enter my federal estimated taxes for 2016 in Schedule C as an Expense? Where?

No.  Estimated payments just go directly on the 1040 line 65 and are subtracted from your total overall tax due.  

You can type estimates paid in the search box at the top of your return and click Find and it will give you a link to Jump To it.

OR
To enter Federal or State Estimated Taxes Paid, including a state estimated payment made in Jan 2016 for 2015 or Jan 2017 for 2016, go to
Federal Taxes (or Personal for H&B/Self Employed version)
Deductions and Credits
Then scroll way down to Estimates and Other Taxes Paid
Estimated Taxes - click the Start or Update button

See this answer, it has screen shots,
https://ttlc.intuit.com/questions/3896471-i-sent-in-three-3-forms-1040-es-for-a-total-of-966-in-2016...
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