If a business expects their estimated tax to be $500 or more, they must make quarterly estimated tax payments, which is the income tax amount less any credits. Businesses must file their income tax quarterly, typically by the 15th day of the 4th, 6th, 9th, and 12th months of the tax year. The IRS Form 1120 must be submitted by the 15th of the third month following the tax year. As each tax payable amount is paid for, it turns into income tax expense for the year. By the end of the year, the actual income taxes paid should equal what the government charges. If the business has paid more than … [Read more...]