Basic Turbo Tax Question

[La Brujita]

I guess I was trying to just understand the process and I spoke with both Turbo Tax via chat and the IRS. I know this is blindingly obvious to everyone else but this is what my understanding is, feel free to correct me if incorrect:

1. As a small business you file quarterly estimated taxes. There is no accompanying documentation (like a quarterly Schedule C), this is where I was confused.

2. When filing the yearly taxes you then file the Schedule C and settle it all out.

Regards

[SamJack]

[ QUOTE ]
I guess I was trying to just understand the process and I spoke with both Turbo Tax via chat and the IRS. I know this is blindingly obvious to everyone else but this is what my understanding is, feel free to correct me if incorrect:

1. As a small business you file quarterly estimated taxes. There is no accompanying documentation (like a quarterly Schedule C), this is where I was confused.

2. When filing the yearly taxes you then file the Schedule C and settle it all out.

Regards

[/ QUOTE ]

Quarterly estimated tax payments have nothing to do with Schedule C. IRS will ding you with a penalty if your estimated tax payment are not in guidance with their formula which is based on how much you withhold and/or previous years income. You only have to use 1040ES which is a very simple form.

Of course, I'm not a accountant and I don't know any more than what I need to know to pay my own taxes...

SamJack