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Visitor I

Estimated Taxes for Sole Proprietorship?

Hello,

 

My husband is retired, but does contracting under a sole proprietorship.  We paid estimated taxes.  The taxes withheld do not reflect on the business P&L.  Aren't taxes an expense of the business?  They do show in the estimated taxes paid section of the over all return.  Why don't they show as a business expense?

 

Thank you,

Dianne

1 Comment
Catalyst V

Estimated Taxes for Sole Proprietorship?

All taxes paid are shown under the Deductions & Credits tab in the Estimates & Other Taxes Paid section. If you entered any W-2's, then the taxes shown in box 2 of the W-2 will automatically be entered in the appropriate sub-section of Estimates & Other Taxes Paid. For your business, you have to manually enter quarterly taxes you actually paid each quarter, in the appropriate sub-section of Estimates & Other Taxes Paid.