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Returning Member
posted Jun 25, 2023 5:47:39 PM

Which form should I select in EFTPS to pay estimated federal tax for first year of my S-Corp ? I do not see 1040-ES as option.

I filed 2022 return as self employed. For 2023, started S-Corp and rightnow collecting revenue from clients for my S-Corp. I am not sure, if I need to pay estimated advance tax. If I need to, which form should I select from EFTPS ?

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2 Replies
Level 15
Jun 25, 2023 6:20:13 PM

Your S corporation is a pass-through entity and, as such, does not pay federal income tax (unless it was formerly a C corporation, which it was not).

 

As a result, you may need to pay estimated tax on any net income your S corporation passes through to you on a Schedule K-1.

 

Further, you need to ensure your S corporation is paying you a reasonable salary for services you perform on behalf of the corporation (which salary and withholding will be reported on a W-2 the corporation issues to you).

 

See https://www.irs.gov/pub/irs-news/fs-08-25.pdf

Level 15
Jun 26, 2023 4:45:23 AM

You need to set up an EFTPS account for you personally under your SS#  to pay personal estimated payments.