Preparing Your Tax Return(s) and Information Returns
What are business taxes
Estimated Taxes
Generally, sole proprietors, partners, and shareholders
of an S corporation pay tax on income by making regular payments
of estimated tax during the year. If you expect to owe taxes, including
self-employment tax, of $1,000 or more when you file your return,
you generally have to make estimated tax payments. Use Form
1040-ES, Estimated Tax for Individuals,
to figure and pay the tax. If you are not required to make estimated
tax payments, you may pay any tax due when you file your return.
For information on estimated tax, see Publication
505.
Corporations. A corporation
must deposit the taxes it owes, including estimated tax payments
and any balance due shown on its tax return. Use Form
1120-W as a worksheet to figure
each required installment of estimated tax.
Important References:
Publication
583 Starting a Business and Keeping
Records
Publication
505 Tax Withholding and Estimated
Tax
Form
1040-ES Estimated
Tax for Individuals
Form 1040
U.S. Individual Income Tax Return
Form
1120-W
(Worksheet) Estimated Tax for Corporations
Publication
542 Corporations