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I am filing scorp small business taxes and my only question…

Hi i am filing...

Hi i am filing scorp small business taxes and my only question is when they are asking for estimated tax payments made quarterly throughout the year, is that the same as the quarterly excise taxes i pay to state quarterly?

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3/6/2018
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. I am prepping my response, which I will provide to you in the next thread(s).

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Customer reply replied 5 months ago
OK

In brief, estimated taxes refer to the prepayment of income taxes. Payment of estimated taxes to the IRS and state taxing agencies are different than excise taxes. What state are you in?

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Customer reply replied 5 months ago
WASHINGTON
We do not have state taxes the part that threw me off was the quarterly because we pay b&o taxes quarterly and I wasn't sure of the wording.

Excise taxes are described as follows:

Excise taxes are taxes paid when purchases are made on a specific good, such as gasoline. Excise taxes are often included in the price of the product. There are also excise taxes on activities, such as on wagering or on highway usage by trucks.

---------------------------------Estimated taxes are described

Estimated taxes are described as follows:

Estimated tax is a method of paying tax on income that is not subject to withholding tax. This can include income from self-employment, business earnings, interest, rent, dividends and other sources. The IRS requires estimated tax to be paid quarterly, typically in 4 equal installments.

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Customer reply replied 5 months ago
But B&O is based off of how much we earned/sold that quarter correct?

Based on the following information, yes, since WA does not have a state income tax, the estimated B&O tax payments would qualify as the same as estimated taxes on income.

The state B&O tax is a gross receipts tax. It is measured on the value of products, gross proceeds of sale, or gross income of the business. Washington, unlike many other states, does not have an income tax. Washington's B&O tax is calculated on the gross income from activities.

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Customer reply replied 5 months ago
when filling out my tax documents when it asks me to put in each estimated tax payment per quarter, do i put in the amounts i've paid for quarterly b&o taxes?

Based on the following information, the answer is no because it is not one of the taxes listed. SEE BELOW:

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Generally, the corporation must make installment payments of estimated tax for the following taxes if the total of these taxes is $500 or more: (a) the tax on built-in gains, (b) the excess net passive income tax, and (c) the investment credit recapture tax.

REFERENCE SOURCE:

https://www.irs.gov/instructions/i1120s#idm140335425502912

Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Thank you for the positive rating. I do appreciate it. Note that you can claim the B&O taxes as a deduction. SEE BELOW:

-----------------------------

Income Taxes

A corporation can claim whatever state and local income taxes it pays as a federal tax deduction.

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