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sheilamurph26-gm
February 5, 2022
Question

Can QuickBooks prepare estimated federal and state quarterly tax payments?

  • February 5, 2022
  • 1 reply
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I am the owner and employee of a two member LLC. I will need to prepare estimated federal and state quarterly tax payments and returns for myself. Can QuickBooks calculate tax liability and prepare the returns?

1 reply

JenoP
JenoP
February 5, 2022

Let me help with your question about the type of taxes that are supported in QBO, sheilamurph26-gm.

 

At the moment, QuickBooks Online does only tracks sales and payroll taxes. Estimated taxes is offered in a different version of QuickBooks. 

 

You'll want to use QuickBooks Self-Employed. This is specifically designed to help you prepare your Schedule C and calculate your estimated taxes as well.

 

Here's the link in case you're interested to try it out: https://quickbooks.intuit.com/self-employed/tax/.

 

Let me also share these articles for more details and references:

 

 

In case you want to keep using QBO, you can download the Form 1040-ES from the IRS website. Here's the link: https://www.irs.gov/pub/irs-pdf/f1040es.pdf.

 

Then, reach out to your accountant for further advice on calculating your tax and how to fill out the form as well. 

 

As always, don't hesitate to reach out to us anytime you have questions. We'll make sure to offer our help again. 

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