Quarterly Tax Payments on Chart of Accounts

by cjwimmers
(Indiana)

Quarterly Tax Payments on Chart of Accounts

Quarterly Tax Payments on Chart of Accounts

We pay quarterly tax payments for federal and state taxes to lesson the blow of taxes we owe for our llc. Into what chart of account would I allocate those payments in quickbooks? THANKS for any help!

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Dec 28, 2017
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by: Stephanie

Thank you for your question about where to allocate the quarterly tax payments on your Chart of Accounts for your LLC business.

LLC owners and members are considered to be self employed which means they are not subject to withholding taxes from earnings and so must pay quarterly taxes.

These quarterly taxes are considered a personal expense and are not a tax deduction to the LLC business; Therefore the Federal and State quarterly estimated tax payments should be shown as two separate subcategories under the Member Distributions Equity account.

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