Tax tools are available with a subscription to GoDaddy Bookkeeping.
When you record a tax payment inside of GoDaddy Bookkeeping, you are simply keeping record of the tax payments you have paid. We do not send this information to the IRS, nor will the amount affect your profit and loss.
When you record a tax payment, you are asked to provide the date paid. Be aware that the date chosen will determine what Quarter the tax payment is applied. In order for a payment to be applied to the correct quarter it must fall within the dates due. For example: In order for a payment to be recorded for the First Quarter, the payment must be dated between January 16-April 15.
To record a payment of estimated quarterly taxes, please follow these directions:
- Go to the "Taxes" tab.
- Click on the "Estimated Taxes" sub-tab.
- Click "Record a Payment."
- Click on the date field, then choose the date of payment
- Enter the amount paid.
- Click "Save."
Note - As long as you choose a date prior to the date due for a selected quarter, the payment will affect the quarter due and not the current quarter.
2021 Estimated Tax Due Dates can be found on the top of page 3 of the IRS site here - 2021 Form 1040-ES (irs.gov)
Here is what you need to know for both Federal and State taxes:
Federal Estimated Taxes:
- GoDaddy Bookkeeping will provide a calculation for Federal Estimated Taxes on the Taxes / Quarterly Taxes tab.
- To submit your payment, complete Form 1040-ES and send it along with your payment to the same address you send your annual federal taxes.
If you prefer, you can submit your Federal payment electronically via Electronic Federal Tax Payment System, EFTPS: https://www.eftps.gov/eftps/
State Estimated Taxes:
- If you need to make estimated state income tax payments, that figure will need to be calculated outside of GoDaddy Bookkeeping.
- The payment forms/vouchers vary by state so the best way to get the most current document and address will be to search online.
- Most states should have an online filing option; information should be available on your specific state tax website.
NOTE: If you have a payment that was imported from your Bank Account for the payment for your Estimated Taxes, You can edit the imported transactions. You will want to make sure the Payee is United States Treasury and that you are using the Non-Business Tax Category of Estimated and Income Tax Payments