Can anyone tell me what form they use to report their quarterly estimated taxes to the IRS?

[gabe1170]

I have an FEIN number.  I need make a quarterly payment and cannot figure out how to pay my taxes using my FEIN number so that they understand that these are business taxes that I am paying.  Do I just send an estimated amount to the IRS without my FEIN number and then address the issue during tax season at the end of the year?  Do I just report the business taxes at the same time that I do my regular work/job taxes?  It was easy with the state.  I am assuming there is an easy way to do it with federal.  Do I use form 1040ES?  Thank you for any answers.

[lacemaker3]

About paying estimated taxes to the IRS:

https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes

[fashunu4eeuh]

Hi @gabe1170 

Below is a link to the IRS website on how to pay different kinds of taxes. But i do strongly urge you to get a professional to advise you rather than rely on a online source. Good luck.

https://www.irs.gov/payments

[monica-sells]

You need a professional....

An 1040-S (Individual Filing Form) has no relationship with an 1120 (FEIN filing forms)

they are 2 different animals....

IF you have a FEIN and file the 1120 Corporate Income Tax Annually, and you meet certain parameters, you are required to file quarterly (Form 1120-W) estimated tax forms.

From IRS website.....

Corporations must generally make estimated tax payments if
they expect their estimated tax (income tax less credits) to be
$500 or more.
• S corporations must make estimated tax payments for certain
taxes. S corporations should see the Instructions for Form
1120-S, U.S. Income Tax Return for an S Corporation, to figure
their estimated tax payments.
• Tax-exempt corporations, tax-exempt trusts, and domestic
private foundations must make estimated tax payments for
certain taxes. These entities should see the instructions for their
tax return to figure the amount of their estimated tax payments.

If you are talking individual Income Tax on profits/salary, thats a whole different set of rules.

oh.....

"...Do I just send an estimated amount to the IRS without my FEIN number and then address the issue during tax season at the end of the year?..."

That would be a NO

[gabe1170]

But I am just a sole proprietor, a small-time seller on Ebay.  Not a corporation.  I am not earning that much, yet.

[gwens*4saleitems*]

I have seen / read where some don't worry about quarterly taxes and just pay the small penalty at the end of the year when tax filing.

[pcobra93]

That is exactly what I do. This was suggested to me by my accountant. I then deduct it as a business expense next year. It doe not end up being much and is much easier that dealing with sending a payment 4 times a year.

[monica-sells]

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@gabe1170 wrote:

But I am just a sole proprietor, a small-time seller on Ebay.  Not a corporation.  I am not earning that much, yet.

---

"...I have an FEIN number..."

an EIN Number has different requirements than a "Sole Proprietor"

See why I said you need a tax professional? 

Are your proceeds going to an account with the EIN number?

If so, you will need to file paperwork to reconcile said funds.

If they are going to your "personal" account (SSN) that's different. Why did you bother with an EIN if you are not going to use it?

@gwens*4saleitems* 

Sorry, no disrespect intended, but...worst advice ever.....

Did you ever "read" about daily compounding interest?

read this:

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2024. For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily.

[stainlessenginecovers]

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@gwens*4saleitems* wrote:

I have seen / read where some don't worry about quarterly taxes and just pay the small penalty at the end of the year when tax filing.

---

I've been doing that since 2011 (for $200, $50 per quarter- not worth my time).

My tax person gives me 4 'envelopes' with 'payment slips' which I just ignore. I pay about 50% of my 'tax prepayment' in September, pay the 'rest' when taxes are done following Feb/Mar/Apr. 

[gwens*4saleitems*]

"Sorry, no disrespect intended, but...worst advice ever.....

Did you ever "read" about daily compounding interest?

read this:

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2024. For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily."

(disrespect taken) I was NOT giving advice. I was just saying what some people do for the quarterly taxes.

Your compounding interest is factored into the PENALTY for paying late. (which some people do)

See Stainless's post.

[monica-sells]

my apologies........

(touched a nerve)

just getting an EIN for the sake of it makes no sense unless you are going to use it.....

my ignorance (of estimated taxes) cost me a few years ago.....

It is amazing how a 1200 oversight can turn into 10K a few years later...

(filed the amounts under my SS Number instead of the S-Corp I formed)

[tsme35]

I set it up with my accountant, I see him twice a year, he gives me envelopes and slips for state and federal. I have a LLC, so I use form 1040ES when I send in my quarterly taxes. I see him in January to give him 3rd-4th quarter paperwork, plus everything I have for him to do to prior yearly taxes so they can get my taxes started, then send in 1099 and mortgage/interest paperwork by email when I get them.

 I stop by in June just to touch base(don't have to), let him know how sales are going, any new tax info or something tax wise I have to watch for.  I sell too much not to pay quarterly, not paying fines on thousands of dollars or trust myself not to spend it on something stupid lol