Quarterly Taxes 2023 Help

[ZachV]

Hello,

Last year was my first year starting my SMLLC. I did not pay quarterly taxes for my smllc because I knew I would not be close to the $1000 taxes owed. But this year, it looks like I might be close to reaching the $1000 in taxes owed. I did not pay the first quarterly but was thinking I should pay the next three. Is it ok to just divide what I believe I will owe by three and pay each one before the due date?

Thank you

[VolvoGirl · Accepted solution]

Yes.  To prepare estimates for next year you need to be in your current return. But be careful not to change anything in your actual return.

In TurboTax Online, sign in to your account.
Select Tax Home in the left menu.
Scroll down to Your tax returns & documents.
Select 2022, and then select Add a State (you're not actually adding a state, this just gets you back into your return so you can make changes).

Search by typing in W4. Hit the Enter or Return key to get the Jump to w4 link to show up. Go to the W4 page and it will ask if you want to Change your W4. Click on NO. The next page will start the Estimates.

If you didn't owe or missed making the prior quarterly estimated payments and need to just calculate starting now, you can go though the Estimated Taxes section and just put $1 (one dollar) in for the quarters you missed. Then it will only figure the current and remaining quarters.