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How to Record Estimated Tax Payments in QuickBooks?

As a small business owner, it is of utmost importance to make estimated tax payments. This solves most of your […]

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As a small business owner, it is of utmost importance to make estimated tax payments. This solves most of your business complications and also relieves you from undue pressure. Although there are ways to record the estimated tax payments in QuickBooks and track them, in today’s article we will highlight the exact process to do it successfully.

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Dancing Numbers helps small businesses, entrepreneurs, and CPAs to do smart transferring of data to and from QuickBooks Desktop. Utilize import, export, and delete services of Dancing Numbers software.

Registering entries is quite easy when everything can be done with just one click in QuickBooks. Not to mention, it offers you a host of benefits too. Registering tax payments in QuickBooks also aids to monitor your inventory or the invoices, it also helps to manage the taxes too.

What is the Meaning of Estimated Tax Payments in QuickBooks in Simple Terms?

If you do not work for any company or are self-employed, you are required to pay your taxes four times every year as estimated payments instead of one big amount as payment. Now, since the calculation is about the amount of money to be made this year and paying the relevant taxes on it, it is termed the estimated tax that includes self-employment tax, income tax, or any other relevant taxes.

How to Record and Track Estimated Tax Payments in QuickBooks?

Here are the steps to record as well as track estimated tax payments in QuickBooks:

Step 1: First, you need to create an Equity account to record the particular tax payments.

Step 2: Now press the Chart of Accounts tab. You can gain access to this particular tab by pressing the Ctrl + A button.

Step 3: After you enter the tab, you will require to create a new account. If you fail to find to create a new account, then just press the shortcut Ctrl + N.

Step 4: Allocate the account to the Equity account from the given Types list.

How to Create Other Expense Accounts?

In case you do not want to create a new equity account then you can just register your entries in the Other Expense account. In order to do so, you need to make an account and then monitor the taxes. Such an account is very useful to run a sole proprietorship business.

Here are the steps to create the Other Expense account in your QuickBooks company file:

Step 1: Press on the Settings tab. It is also known as the Gear Icon. You can locate it on the navigation bar top in the given software.

Step 2: In the given drop-down button that will be displayed, press the Chart of Accounts tab.

Step 3: From the screen that comes up, press the new tab, and the new account will be formed.

Step 4: To allocate what kind of that particular account it is, press on Other Expenses, and then your new account will be allocated as the Other Expenses account.

How to Record Estimated Tax Payments in QuickBooks Self-Employed?

QuickBooks Self-Employed helps in monitoring business concerning transactions. It can also provide quarterly estimated tax payments. After the payments are made, a user can file for their concerning Schedule C together with the annual tax return.

In order to register estimated tax payments, it is always advised you first sign up for the QuickBooks Self-Employed account.

There are top two ways to record the Estimated Tax Payments in QuickBooks Self-Employed, as given below:

1st Method:

Step 1: On the left side of the menu bar, navigate to the section for taxes.

Step 2: Fix the right year and choose the Quarterly tab.

Step 3: Select the Quarter that you want to set the tax payment for.

Step 4: Now press on the option that says, Find the Estimated Tax Payments near the option that says, Don’t see your payment?.

2nd Method:

Step 1: Navigate to the Transactions tab to authenticate the business spending transaction.

Step 2: Now, allocate the category manually from the option Taxes and Licenses to Estimated Taxes.

Is it clear to you how to record estimated tax payments in QuickBooks? We have shared all the steps and processes to record tax payments in the accounting software QuickBooks. Make sure you understand each and every step along with its relevance and then do it.

If you struggle to understand it or are stuck somewhere and need professional assistance to do it, You can connect with Dancing Numbers experts via LIVE CHAT to simplify the task for you.

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Can Estimated Tax Payment be considered as an Expense? How Estimated Tax Payments on QuickBooks is categorized?

Such tax payments are personal. They are not regarded as a business expense. For that, you are needed to consider using the Equity Account. In case you have not set up an account, here is how a user can set up an account easily:

Step 1: Firstly, navigate to the Accounting section and then choose Chart of Accounts.

Step 2: Now, press the New Button and choose Equity as the Account Type.

Step 3: When it is completed, now choose Estimated Taxes in the Detail Type using the given drop-down arrow.

Step 4: Now add the details of the account.

Step 5: Finally, press the given Save and Close button.

Is it Possible to Pay Quarterly Taxes with the help of QuickBooks Online?

No. the option to pay taxes quarterly in QuickBooks Online is not available. Since all the data are on one file, you can easily pay taxes outside QuickBooks manually. In case you wish to use QuickBooks Self-Employed, then it is possible to pay taxes inside QuickBooks.

How to Calculate Quarterly Taxes in QuickBooks?

Here are the steps to calculate Quarterly taxes in QuickBooks:

Step 1: In the QuickBooks Self-Employed, navigate to the Taxes menu.

Step 2: Choose the Quarterly Taxes tab.

Step 3: Choose Pay Now.

Step 4: Choose the Online Option.

Step 5: Add your EFTPS details and then the PIN.

Step 6: Choose the right amount or add a particular amount.

Step 7: Follow the steps provided on-screen to complete the payment.

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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


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Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


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How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

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To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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