Here, we will discuss how to pay federal estimated quarterly taxes in QuickBooks Self-Employed. If you are working as a self-employed then you have to pay self-employment taxes. QuickBooks Self-Employed measures your federally calculated quarterly tax payments so that you can know what to pay every quarter. When it comes time to pay taxes, you have some options. Here is the discussion on how to pay your federal projected taxes every quarter. For any query related to it, contact us on Toll-Free No. +1-844-405-0904
The general quarterly estimated tax time limit has been extended. The Treasury lately declared tax changes and updates in acknowledgment to COVID-19. This involves the inclusion of the Quarter 1 deadline for the tax year 2020. Taxes are now payable on July 15, 2020, as per quarterly estimates.
Table of Contents
Steps to pay federal estimated quarterly taxes in QuickBooks Self-Employed
Step 1: Know when the federal estimated quarterly tax is paid
See the IRS website for official dates. You should also verify if your state needs an estimated quarterly tax payment.
Step 2: Find out what you need to pay
Here are the steps to get quarterly and annual tax info:
Steps to get federal quarterly tax info:
Starts with how to get quarterly tax information, steps to do this are straight out below:
Step 1: Get your federal quarterly tax estimates
There are fewer steps inside that need to be followed to get your federal quarterly tax estimates just take a look at it:
- Firstly, you have to visit the Taxes menu
- Now choose the Quarterly tab
- Choose the quarter for which you require estimates
Here, QuickBooks helps in summarizing both the estimated amount and due date as well as updating these calculations whenever you categorize income and expense transactions.
Tip: You must keep in mind that QuickBooks can create better estimates whenever you enter your data for each quarter. To get further details on it, suggest checking out how QuickBooks calculates your federal estimated quarterly tax payments. If you are unable to find this article useful then be ready to contact us.
QuickBooks reviews the calculated amount and scheduled date here. Whenever you classify income and expense transactions, it updates these calculations.
Tip: As you enter more data each quarter, QuickBooks can make better estimates. Learn how QuickBooks calculates your federal estimated quarterly tax payments. As you insert more data every quarter, QuickBooks can make more reliable estimations.
Steps to get federal annual tax info:
Step 1: Complete your tax checklist
Before pending your annual taxes your QuickBooks Self-Employed will give a tax checklist providing details on what you need to review and how to complete your open and pending tasks as well as allowing you to maximize your tax deductions.
- In the first step, choose Home inside the QuickBooks Self-Employed
- Now choose the Tax checklist link next to your Profile(⚙) icon
- Choose a task on the list and it takes you at the track of QuickBooks that you needs to be reviewed
- Then analyze each tasks separately on the list and then finish it
Once you have done everything successfully listed above, QuickBooks asks if you are willing to export your information directly to TurboTax. If you decline at that moment, next time you do it manually. You have to wait and send it when you are ready only if you give acceptance to the QuickBooks request.
Step 2: Download your tax reports
If you don’t even think about exporting your info to TurboTax, just complete your tax checklist. It ensures you update all your financial and tax reports. Now be ready to learn about how to get your reports.
- To begin, visit to the Reports menu
- Browse and navigate to the report
- From the drop-down menu, you have to choose the time period or tax year
- Choose either View or Download for printing or emailing a copy of the report, now choose the arrow icon will show on your screen in this way ▼ and then the option
Step 3: File your annual taxes
You will get quality represented info from your QuickBooks Self-Employed will help you to do your taxes. Although, it is unable to handle the tax filing directly. Few options you have inside it like you can directly export your tax to TurboTax or you can download your reports for use inside another tax filing program.
Step 3: Make a federal estimated quarterly tax payment
Go with the following steps for the method you require to use. Whether you pay by mail or online, QuickBooks Self-Employed sets your information for the forthcoming quarter.
Pay by mail
If you want to pay by mail then you have to send your payment and expected payment form (1040-ES voucher) together. Follow the below steps to complete this form in QuickBooks Self-Employed:
- Open the Taxes menu in QuickBooks Self-Employed
- Click on the Quarterly Taxes tab and later click on Pay Now.
- Choose the By mail option.
- Fill all the important the 1040-ES payment voucher. Then click on Continue.
- At last, Print your voucher.
The printed voucher shows you to fill out your form, review it, and mail it to the IRS office. Your check and voucher should be postmarked by the quarterly due date.
Steps to Pay online
Step 1: Set up an EFTPS account
First, you have to sign up for an Electronic Federal Tax Payment System account.
- Study about basic enrollment requirements.
- Visit the EFTPS website and click on Enroll.
- Go with the steps to register as an individual.
After registration, the IRS will mail your PIN and enrollment number via US mail. You require this information to sign in and pay.
Step 2: Make a tax payment
Once you receive your PIN and enrollment number then you can do online payments.
- If you don’t have the Tax Bundle then also you can pay the IRS directly from the website of Electronic Federal Tax Payment System. Go to the EFTPS website and choose to Make a payment. Then go with the steps to make the payment.
- If you have a tax bundle, you can pay on the EFTPS website or pay through QuickBooks Self-Employed. Follow the below steps in a web browser, not in a mobile app:
- Open QuickBooks Self-Employed and look for the Taxes menu.
- Click on the Quarterly Taxes tab.
- Later, click on Pay Now.
- Now, click on the Online option.
- Insert your EFTPS info and PIN.
- Click on your current amount or insert a particular amount.
- Now, go with the on-screen instructions to complete the payment.
QuickBooks will sends payment to EFTPS directly after you submit it. Your payment may take 5-7 days to display your payment history on the EFTPS website.
Check a tax payment’s status
If the bank account is connected to online banking from which you paid, then you can easily check the status in QuickBooks. Depending on your bank, it may take 2 – 3 days.
- First, click on the Taxes menu
- Click on the Quarterly Taxes option.
- Later, click on the quarter for which you made the payment.
- Now, find the payment.
If you do not view any pending or full payment after 3 days, then do not worry. Just be sure you have assigned the payment in the correct quarter.
- Click on the Taxes menu.
- Later, go to the Quarterly Taxes option.
- Now, click on the quarter you paid for.
- Click on the find your calculated tax payments link.
- Find for the tax payment. When you find it click on the checkbox for it.
- Click on the Mark as a tax payment, when you are ready.
Step 4: Record the tax payment in QuickBooks Self-Employed
If the account is connected to online banking from which you paid, you do not need to enter anything manually. Just you have to classify it as tax paid while downloading.
If in case your account is not connected to online banking from which you paid, or you if paid by mail, then you need to manually record the payment:
- First, click on the Transactions menu.
- Click on Add transaction.
- Insert “(Date and fiscal year) quarterly federal tax payment” in the description field.
- Now, insert the amount and the date when you made the payment.
- Choose Select a category, then go to Taxes, and then click on Estimated Taxes.
- Click on Save, when you are completed with the above steps.
Hope, the above-discussed steps will be helpful for you to pay federal estimated quarterly taxes in QuickBooks Self-Employed. But if you still have any issue or query regarding the same or any accounting and Bookkeeping issue then feel free to contact us by dialing our toll-free+1-844-405-0904 and get an instant solution from our expert team of ProAdvisors for your query.