Recording Estimated Tax Payments in QuickBooks

How to Handle Estimated Tax Payments in QuickBooks

We receive many queries on the same topic, and the question usually is worded as follows: “What QuickBooks expense account do I use to post the check for my estimated income tax payment that I send with Form 1040ES?”

Your estimated tax payments are personal expenses, not business expenses. These checks should be posted to Draw (in the Equity section of the QuickBooks Chart of Accounts), or drawn on your personal bank account.

Be Sociable, Share!

Comments are closed.