Beruflich Dokumente
Kultur Dokumente
$500 or more. A corporation's estimated tax is its expected tax liability (including alternative
minimum tax) less its allowable tax credits. .
(1) Quarterly payments are due on the fifteenth day of the fourth, sixth, ninth, and twelfth months
of its taxable year (April 15, June 15, September 15, and December 15 for a
calendar-year
corporation). Any balance due must be paid by the due date of the return.
(2) No penalty for underpayment of estimated tax will be imposed if payments at least equal the
lesser of
(a) 100% of the current year's tax (determined on the basis of actual income or annualized in-
come),ot
(b) 100% of the preceding year's tax (if the preceding year was a full twelve months and
showed a tax liability).
(3) A corporation ~ith $1 million or more of taxable income in any of its three preceding tax
years (i.e., large corporation) can use its preceding year's tax only for its first
installment and
must base its estimated payments on 100% of its current year's tax to avoid penalty.