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Chapter 12. Preparing Income Tax Returns > Making Estimated Tax Payments

Making Estimated Tax Payments

Typically, each of your quarterly estimated payments will be equal to at least 25% of the lesser of 100% of the estimated income tax for the current year or 100% of the tax shown on the corporation's tax return for the preceding year (unless no tax return was filed in the preceding year, or if that tax return was for fewer than 12 months). Use Form 8109, available from the IRS (call 1-800-TAX-FORM or contact your local IRS office) to accompany your tax deposits. Note: Some corporations are required to use the Electronic Federal Tax Payment System to make tax deposits electronically. Contact the IRS or your accountant for more information on how to make deposits.

Make Estimated Tax Payments

Press Ctrl+W to open a new check.

Enter the date of the payment.

Enter the payee. This will probably be the name of your bank. Check with your accountant for instructions on how your tax payments should be presented.

Enter the amount.

Enter the account name where the payment will be recorded (see the previous sidebar “Accounting for Income Taxes”).

Enter a description.

Save and print the payment.


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