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buttercup1020
Level 1

Calculating Quarterly Estimated Taxes

Hoping someone can help me with this question. I'm not really tax savvy and feel like I'm missing something. I'm using QB Self-Employed and just input all my financial data. I had about ~$26K in revenue for the 1st two quarters and ~$6K in expenses. So there's a profit and I expect to pay taxes. I saved a few thousand for this. My spouse is a W-2 employee and earns 80K/year. When I added my spouse's income + selected married filing jointly, the software says I owe $0 in estimated taxes for both quarters. We will be filing jointly. But $0 in estimated taxes didn't seem right, so to test my theory, I removed my spouse's income and selected single filer. Then the software said I owe ~$1600 in Q1 estimated taxes and ~$1900 in Q2 taxes  - which is similar to what I was expecting to pay. Does adding my spouse's W-2 income really wipe out my estimated taxes like that? If so, how does this work? It seems too good to be true and I don't want to fail to make payments that I should be making.

1 Comment 1
ReymondO
QuickBooks Team

Calculating Quarterly Estimated Taxes

Hi there, @buttercup1020.

 

Yes, the information you entered in the Tax Profile section plays a major role in calculating your estimated tax in QuickBooks Self-Employed (QBSE). One of the benefits of filing jointly typically provides married couples with the most tax breaks.

 

You can check out these following articles for more information:

 

 

You can also reach out to your accountant or to the Turbo Tax Community for further assistance when filing your estimated taxes in QBSE.

 

I'm always here to help if you have any other concerns or questions. Just tag my name in the comment section and I'll get back to you as soon as I can.

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