Discussion:Estimated tax payments for an s corporation
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Revision as of 01:32, 30 December 2006
Discussion Forum Index --> Tax Questions --> Estimated tax payments for an s corporation
| 30 December 2006 | |
| I do not understand federal i1120s instructions on estimated tax payments for s corporations (Page 4). What are the "tax on built in gains", "excess net passive income tax" and "investment credit recapture tax?"
It says if the total of those is $500 or more, estimated tax needs to be paid. But by whom? The wording seems to suggest that the corporation needs to pay the tax. This is a very confusing topic for me. My corp was formed in July and I made no estimated payments this year. Using accrual method, net profit for '06 is gonna be around $32k. Hopefully '07 will be around $100k. | |
