From the course: Business Tax Foundations
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Business owner taxes: Doing quarterlies
From the course: Business Tax Foundations
Business owner taxes: Doing quarterlies
- [Instructor] If you're a normal person, you generally pay your personal income taxes once a year. The deadline, of course, is around April 15th. But if you're a business owner, the IRS generally also wants you to pay estimated quarterly tax payments rather than pay everything at the end of the year. So, in addition to your business tax obligations, you will have quarterly personal tax obligations. To do this, you will need a Form 1040-ES. Now, there's a lot of information in the 1040-ES, but the key page that you're going to want to look at is this one. This is the 2018 Estimated Tax Worksheet. It varies a little bit from year to year, of course, but those variations are generally modest, and mostly focus on the tax rate at hand. So, to begin with, in line one, you'll have to determine the adjusted gross income that you expect in 2018. The IRS gives you instructions about how to do that. It's generally going to be based on the previous year's income. From there, you'll also have to…
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