Announcement

Collapse
No announcement yet.

Quickbooks for K1 Partner to Estimate Taxes

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Quickbooks for K1 Partner to Estimate Taxes

    For a partner who receives some compensation classified as guaranteed payments and some as a distribution, could using Quickbooks Self Employed help estimate quarterly taxes?

    I understand there’s not a way to account for 401k contributions in quickbooks, but with highly variable income, it seems like it would be helpful to know how much to pay per quarter.

  • #2
    You can get pretty close without QB. If your income is that variable to where paying equal quarterly payments would put a big burden on you then you can always use IRS Form 2210 but it looks like a PITA.

    Comment


    • #3
      I’m not aware that any version of QB prepares tax estimates. It’s up to you to know how each category of income is taxed and reasonably estimate the totals for the year then calculate the applicable taxes, etc.
      Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

      Comment


      • #4
        Originally posted by jfoxcpacfp View Post
        I’m not aware that any version of QB prepares tax estimates. It’s up to you to know how each category of income is taxed and reasonably estimate the totals for the year then calculate the applicable taxes, etc.
        I wasn't either but apparently the QB Self Employed program will estimate quarterly taxes. Who knew?!

        Comment


        • #5
          Originally posted by CordMcNally View Post

          I wasn't either but apparently the QB Self Employed program will estimate quarterly taxes. Who knew?!
          That’s one of their selling points, but it isn’t clear if it would help with a K1 partner or if it’s strictly for schedule c type self employed folks.

          Comment


          • #6
            Originally posted by CordMcNally View Post

            I wasn't either but apparently the QB Self Employed program will estimate quarterly taxes. Who knew?!
            I guess Laura did, lol, but I sure didn’t. Since I’m not one of the QB PA’s, I should have kept my big mouth shut or Googled at least. That’s interesting - I’m going to ask about their experience with it after I get back from vaca.

            Sadler, if I find out sooner, I’ll post what I learn from the real QB experts.
            Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

            Comment

            Working...
            X