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Question

I have a small S Corporation and in my second year of business. My profits usually don't come until the 3rd or 4th quarter. I file an 1120S and a Form 1040 at the end of the year (by April 15th of the following year.) My question is, to avoid penalties, I know I need to make a tax payment to the IRS before the end of the taxable year, but don't know whatt form to request to pay this with. Can you tell me what form to request to return with a check and provide the instructions on how to accomplish this? Thanks - Tom R.

Submitted: 17 days and 10 hours ago.
Category: Tax
Value: $30
Status: CLOSED
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State/Country relating to question: Georgia

Accepted Answer

Hello Tom,

Thanks for your question.

Yes, you would need to submit your check with a Form 1040-ES voucher to make an estimated tax payment to the IRS. You can also make estimated tax payments online at www.eftps.gov You have to enroll in this service and a PIN will be mailed to you in about 2 weeks after you enroll. Then you can begin making electronic tax payments.

The instructions, estimated tax worksheet and Form 1040-ES can be found at 2009 Form 1040-ES (OTC)

The normal due dates are 4/15, 6/15, 9/15, and 01/15, but if you missed one, you can make it anytime. The sooner the better in order to lower a possible estimated tax penalty.

For more information on estimated tax see IRS Pub. 505 Publication 505, Tax Withholding and Estimated Tax.

Hope this helps,
Sincerely,

Edited by JK_CPA on 11/4/2009 at 3:09 AM

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Expert: JK_CPA
Pos. Feedback: 100.0 %
Accepts: 
Answered: 11/4/2009

Certified Public Accountant (CPA)

with 5 years accounting experience and 18 years tax experience.

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