How to Pay Estimated California Taxes for Form 100S

How to Pay Estimated California Taxes for Form 100S

Hey there! So you’re all set to pay those California taxes, huh? Isn’t that just a blast? I mean, who doesn’t enjoy throwing their hard-earned cash into a bottomless pit called “government”? Haha! But seriously, if you’re running an S Corporation in California, you gotta deal with those pesky estimated taxes on Form 100S. But don’t worry! I’m here to make it as fun as a day at the beach. Just without the sunburn or sand in places you don’t want sand. Alright, let’s dive in!

Step One: Get Crazy with Forms

First things first, you need that Form 100S like you need air to breathe. But not that smelly air from the gym. More like fresh mountain air. So just go online and download that bad boy. Print it out—you know, get some paper cuts for the full experience.

Step Two: Do the Math (or Pretend You Can)

Now comes the fun part! You gotta do some math. Yes, more numbers than a toddler’s age will ever be able to comprehend! Seriously though, grab your calculator and add up your expected income for the year. And naturally, subtract all those lovely expenses—because who doesn’t wanna save on taxes? Just try not to use your fingers to count; people might judge you.

Step Three: Find Your Estimated Tax Rate

Here comes the magic moment when you find out how much of your money is going poof! Go look up that tax rate for S Corps in Cali because yes, it changes faster than your cousin’s hair color at family gatherings. Most times it hovers around 1.5%. Could be more; could be less—it’s like a box of chocolates except instead of yummy pecan caramel there’s just sad feelings about taxes.

Step Four: Calculate Payment Amounts

Alright so after all that mind-bending math (I mean who even invented numbers?), now you have how much you’ll owe every quarter. Yeah that’s right—quarterly payments because paying once a year would’ve been too easy and way too much fun.

Step Five: Get Online… Like Right Now!

Okay listen up! It’s 2023! Why are we still doing things by mail?! Get your smartphone or laptop and visit the California Franchise Tax Board website. That site is basically where souls go when they want to pay taxes without having to cry into a pillow afterward.

Step Six: Make That Payment

So now you’re gonna input all that money info into their system and click pay like you’re hitting ‘buy’ on Amazon after stress eating cookies. And boom—you’ll get a confirmation number faster than your fridge empties after a midnight snack run.

Step Seven: Celebrate Yourself!

You did it! You tackled estimated taxes like a pro ninja warrior taking down tax evasion monsters or whatever is in your imagination right now! Reward yourself with an ice cream or pizza… not both tho—that might lead to questioning your life choices later.

FAQ Section

Question: What’s this Form 100S anyway?
Answer: It’s what S Corporations in CA use to report income and pay taxes—like your boss but way less annoying.

Question: How often do I need to make these payments?
Answer: You gotta do this four times a year—like it’s some weird Netflix series but way less thrilling.

Question: What if I don’t know my expected income?
Answer: Just take a wild guess… kidding! Try looking at last year’s earnings—it should be somewhat similar unless you suddenly opened a lemonade stand at Coachella.

Question: Is there any penalty if I mess up my payments?
Answer: Oh yeah definitely! The IRS loves penalties like cats love laser pointers—they just can’t resist them!

Question: Can I just pay everything at once next April?
Answer: Nope! Cali has these fancy rules called estimated payments because they wanna keep ya on your toes!

Question: What happens if I overpay?
Answer: Well then congrats—you’ve given Uncle Sam an unexpected gift he didn’t ask for. But don’t worry, he’ll give back what he doesn’t need eventually!

Question: Are there any tricks to avoid paying taxes legally?
Answer: Uhhhhh, ask an accountant who has like ten books on tax loopholes or something. *wink*

So there ya go! Follow these hilarious yet kinda informative steps, and you’ll sail through those pesky estimates like it’s no big deal! Good luck!!