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IRS Estimated Payment Instructions
IRS Estimated Payment Instructions

There will be Tax to Pay

Updated over a week ago

All payments should be made through your personal bank account and not your business. This is because your S Corp business is a flow through entity, and so all the profits ‘flow through’ to you personally. If you need funds from your business account to cover this payment, please transfer the amount needed from your business account to your personal account first and we'll categorize it as a ‘shareholder distribution' in your books.

  1. Make your Federal estimated payment here

  2. Reason for Payment select “Estimated Tax”

  3. Apply Payment to “1040ES (for 1040, 1040A, 1040EZ)" will auto populate

  4. Tax period for Payment select the applicable tax year and click “Continue” then a window will appear to verify your selection then select “Continue”

  5. Tax Year for Verification, enter the last tax return year the IRS has on file. Please note: This is not the payment year and if you recently filed your tax return then select the year before as the IRS may not have the most recent return on file yet

  6. Enter the filing status you filed for that tax year

  7. Enter your name, social security number, date of birth, and address that matches the tax year you selected for verification

  8. Check the box for “I accept the Privacy Act and Paperwork Reduction Act.” then select “Continue”

  9. Enter your payment amount and payment date

  10. Enter your bank information and type of account

  11. Check the box for “I would like to receive email confirmation notification and agree to the Email Terms of Service.” then enter your email address and select “Continue”

  12. Review that the information is accurate then select “Submit”

  13. Final step is to send us a copy of the confirmation page so that we can retain it for our records, please upload the copy that includes the amount paid to app.collective.com. Below is a redacted version of the document we would like to receive:

Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.

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