What are my 1st Q 2019 Estimated tax payments on $2944.00 income earned this quarter? I am a self employed realtor living and working in Florida.

My quickbooks estimated Q1 tax is $0.  That cannot be correct.  I anticipate earning more income in future quarters this year.

Answer

Thank you for posting here in the Community, jen2wheeler.

I can share some information on how we calculate your estimated taxes. 

Technically, the calculation for your estimated taxes is based on your Self-employment income and deductionsProjections and lastly your Tax bracket and tax profile

Your income and deductions are the transactions that you've categorized as Business Income and Business Expenses

Your Q1 estimated taxes is calculated by taking your estimated annual tax (based on your tax profile) and dividing by the number of quarters in a fiscal year (4). If your tax payment is $0, then there's no need to make a $0 estimated tax payment or file a 1040(ES) form.

You can check your Quarter 1 recommended payment on your Taxes tab. The recommended payment that you can see on your Quarterly estimated taxes window is your projections for the current year.

Here's an article that will give you more information about how we calculate your estimated tax payments.

That's it. Let me know if you have follow-up questions on how it was being calculated by leaving a comment below. I'm always here to assist. Have a great rest of the day. 

Was this answer helpful? Yes No
Original
IntuitMaryJoy , Community Support Specialist
Employee SuperUser

No answers have been posted

More Actions

People come to QuickBooks Learn & Support for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Qb community
Looking for advice from other business owners?

Visit our QuickBooks Community site.