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Personal Estimated Federal Tax/Illinois payment: My federal…

Personal Estimated Federal Tax/Illinois payment:My...
Personal Estimated Federal Tax/Illinois payment:My federal and IL taxes deducted on regular basis from pay check as employee. But I have S corp for which I know rough profit at 4th quarter since my vendor pays at different time. Profit and Loss is based on cash based accounting for s corp. I cant make personal estimated taxes for business profit return for each quarter . I am planning to send check for 4th quarter for federal and Illinois personal return. I had penalty last year for making business return profit at the time of filing personal taxes. Can you please advise me how to proceed on this issue?
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Answered in 8 minutes by:
12/1/2017
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,767
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified

Hello!

To determine your State and Federal estimated tax you also need to be able to estimate you adjusted gross income, taxable income, deductions and any credits that you may have for 2017.

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S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed or your previous year tax was more then zero, which you indicated it was.

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You are able to use the 1040-Estimated Tax to help you determine your tax liability. Here is a link to the 1040-ES with instructions.

https://www.irs.gov/pub/irs-pdf/f1040es.pdf

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If you didn’t pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax.

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Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller.

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I suggest completing the 1040-ES page 8. This will help you determine your estimated tax due.

Then pay as much as you can so that you do not owe over $1,000.

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If you do this then you will not be penalized.

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I would be happy to answer any follow up questions you may have.

Thank you!

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Customer reply replied 8 months ago
You saying if you send check for $1500 for q4 I will be penalized. Send check for 900?

I don't know what your tax liability is and I wouldn't know unless I completed the 1040-ES.

By the end of 2017 you need to have paid at least 90% of your total 2017 tax liability or owe less than $1,000

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If you pay at least 90% of your total tax liability before the end of 2017 then you won't be penalized

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Customer reply replied 8 months ago
1040 es coming around $1500.

If the 1040ES is around $1,500 then you need to send in at least $501 so that you would only owe $999, but that is cutting it very close

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Does that make sense?

Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,767
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified
Chad EA, CDFA®, CFP® and 87 other Tax Specialists are ready to help you
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