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Level 1

As a single member llc can i use my business bank account to pay estimated taxes?

 
3 Comments
QuickBooks Team

As a single member llc can i use my business bank account to pay estimated taxes?

Good evening, @samanthapedrosa1.

 

I'm here to help make sure you can pay your estimated taxes. Allow me to share some info about paying your federal estimated quarterly taxes.

 

QuickBooks Self-Employed calculates your federal estimated quarterly tax payments, so you know what to pay each quarter. You can pay these estimates using two options, by mail and online. If you choose to pay by mail, you have to fill out the 1040-ES payment voucher and other forms, a check, and which IRS office you have to mail the payments to. The online method allows you to sign up for an Electronic Federal Tax Payment System account and go over the basic enrollment requirements to pay your estimates.

 

You can check out this article about paying federal estimated quarterly taxes for more information.

 

Feel free to hit the reply button if you have any other questions. Enjoy the rest of your day!

Level 1

As a single member llc can i use my business bank account to pay estimated taxes?

This reply doesn't answer my question. I wanted to know if I need to use my personal or business checking account to pay estimated taxes. 

QuickBooks Team

As a single member llc can i use my business bank account to pay estimated taxes?

Hello, and welcome to the Community, samanthapedrosa1.
 

Any bank account can be used to pay federal estimated quarterly taxes. They can also be paid by mail. The second resource linked above by my colleague doesn't mention any restrictions in regard to which type of accounts payments can be submitted with.
 

If you choose to pay with a method that isn't connected to Online Banking, you'll have to manually record your payment. Here's how:
1. Open the Transactions menu in QuickBooks Self-Employed.
2. Use the Add transaction option and enter "(Date and fiscal year) quarterly federal tax payment" into the Description field.
3. Input the date and amount.
4. Select Select a category, Taxes, then Estimated Taxes.
5. Hit Save to finish.
 

I'm including an extensive article about these types of taxes which may come in handy: Estimated taxes explained
 

Please feel more than welcome to respond in this thread if you have any other questions. I'll be here to help. Enjoy the rest of your day!

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