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January 8, 2022
Question

If my estimated quarterly taxes wasn’t $1,000+ do I still need to pay the # that was suggested?

  • January 8, 2022
  • 1 reply
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1 reply

DivinaMercy_N
January 9, 2022

I'm here to provide information about your tax concern, @mbaechly-gmail-c.

 

When paying quarterly taxes there are a few qualifiers that'll determine whether you’re required to make payments. An individual is exempt from quarterly tax payments if they expect to owe less than $1,000 in taxes after subtracting federal income tax. The threshold is $500 in taxes annually for corporations. You presumably won’t need to file quarterly taxes if your federal tax withholdings equal 90% or more of what you will owe for the year. To get more details about this, please visit this article: Do you need to pay quarterly taxes? What you need to know.

 

Also, for further confirmation, if you still have to pay the suggested amount for your estimated quarterly taxes, I'd recommend reaching out to the IRS. 

 

In case you'll want to get a report for your tax data as well as the federal estimated quarterly tax payment, you can follow the instructions in this link: Get quarterly and annual tax info from QuickBooks Self-Employed.

 

I'm always here if you have any other questions about paying your quarterly tax payments in QuickBooks. Feel free to post again here. Have a good one.