In short
A C corporation expecting to owe $500 or more of tax pays estimated tax in four installments, due on the 15th day of the 4th, 6th, 9th and 12th months of its tax year.
Key takeaways
- Penalties are avoided by paying 100% of the current year's tax or 100% of last year's.
- Large corporations, with $1 million or more of taxable income in any of the prior 3 years, can use last year's tax only for the first installment.
- The annualized income method can help when income is uneven.
Where it's tested
TCP: C Corporation Tax Compliance — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
When are a calendar-year corporation's quarterly estimated tax payments generally due?