Get the free Business bESTIMATED TAXb PAYMENT Business - City of Kenton

TAX YEAR 2012 for office use only FORM XQ1 (B) CITY OF KENTON ESTIMATED TAX PAYMENT (Business) ND PO Box 220 2 Quarter Due on or before June 30, 2012, for calendar yr filers TH Kenton, OH 433260220

How to fill out business bestimated taxb payment

How to fill out business estimated tax payment:

1. Gather your financial records: Before filling out your business estimated tax payment, make sure you have all your financial records at hand. This includes information about your income, expenses, and any potential deductions or credits.
2. Calculate your estimated tax liability: Use the information from your financial records to calculate your estimated tax liability. This involves determining your taxable income, applying the appropriate tax rate, and considering any deductions or credits that may apply.
3. Determine the due dates: It's important to know the due dates for your business estimated tax payments. Generally, these payments are made quarterly, so ensure you have the correct dates on your calendar to avoid penalties or interest charges.
4. Submit Form 1040-ES: To formally make your business estimated tax payment, you will need to complete and submit Form 1040-ES, which is the Estimated Tax for Individuals form. This form helps you report your estimated tax payments and provides a breakdown of the calculation.
5. Paying your estimated tax: Once you have completed Form 1040-ES, you can choose the method of payment that suits you best. Options include paying online, mailing a check or money order, or submitting payment electronically through the Electronic Federal Tax Payment System (EFTPS).

Who needs business estimated tax payment:

1. Self-employed individuals: If you are self-employed, running a business as a sole proprietorship, partnership, or as a member of an LLC, you may need to make estimated tax payments. This is because self-employed individuals do not have income taxes withheld from their paychecks like employees.
2. S corporation shareholders: Shareholders of S corporations receive income in the form of distributions, which are typically not subject to withholding. As a result, S corporation shareholders may need to make estimated tax payments to cover their tax liabilities.
3. Individuals with additional sources of income: If you have income from sources other than your regular job, such as rental income, investment income, or freelance work, you may need to make estimated tax payments. This ensures that you are paying taxes on these additional sources of income throughout the year.

Overall, business estimated tax payments are necessary for individuals who have income that is not subject to regular withholding. By making these payments, you can avoid underpayment penalties and ensure that you meet your tax obligations throughout the year.

For pdfFiller’s FAQs

What is business estimated tax payment?

Business estimated tax payment is a method used by businesses to pay income taxes, self-employment taxes, and other taxes throughout the year.

Who is required to file business estimated tax payment?

Businesses that expect to owe $1,000 or more in taxes when they file their annual return are generally required to make estimated tax payments.

How to fill out business estimated tax payment?

Businesses can fill out Form 1040-ES to calculate their estimated tax liability and make quarterly payments to the IRS.

What is the purpose of business estimated tax payment?

The purpose of business estimated tax payment is to ensure that businesses pay their taxes evenly throughout the year, rather than in one lump sum at the end of the year.

What information must be reported on business estimated tax payment?

Businesses must report their income, deductions, credits, and tax liability on their estimated tax payment forms.

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