Skip to main content

Get 50% OFF QuickBooks for 3 months*

Buy now
Switch to QuickBooks and 70% off for 3 Months
March 2, 2024
Question

What accounts to credit & debit for the qtrly estimated paymts for C-Corp (Cash). Should the taxes be deducted from retained earnings to account for them?

  • March 2, 2024
  • 1 reply
  • 4 views
Using the Fed Income Tax expense account leaves invalid deductions and nothing on the balance sheet.  Thanks

1 reply

Level 2
March 23, 2024

Debit income tax expense account and credit cash account, no manual entry to RE is required.