You've reached the right place for help, tpiron.
To estimate your quarterly estimated taxes for New York State form IT-2105, you'll want to know how it is calculated in QuickBooks Self-Employed (QBSE).
QBSE estimates federal tax payments based on the following:
- Your self-employed income.
- Deductions.
- Predicted future income for the year.
- Tax profile.
However, the calculation doesn't include other types of taxes, such as:
- State income taxes
- Sales tax
- AGI phase-outs and alternative minimum tax (AMT)
- Children's interest
- Medical expenses, stock payouts, and 401(K) draws
- One-time lump-sum distributions
- Special-cases standard deductions (if you're blind, over 65, etc.)
- Tax credits
I'm adding this article so you can check how QBSE calculates federal estimated quarterly taxes and more about it: How QuickBooks Self-Employed tracks self-employment taxes
You can also check this helpful blog for more information: Quarterly Estimated Taxes Explained.
Drop me a reply if you have follow-up questions about quarterly estimated taxes in QBSE. I's be sure to help. Have a good day ahead.
