Who must file SBT quarterly tax estimates?
If the estimated liability for the tax year is over $600, quarterly estimated payments must be filed. For calendar year taxpayers, quarterly returns are due the last day of April, July, October and January. For fiscal year filers, quarterly returns are due the last day of the first month after each quarter. How are quarterly estimates calculated? Estimated payments must equal at least 85 percent of the liability for the tax year, and the amount of each estimated payment must reasonably approximate the tax liability for that quarter. A taxpayer whose preceding year’s tax liability was $20,000 or less, may file four equal installments, the sum of which equals the previous year’s tax liability. If the year’s tax liability is $600 or less, quarterly returns are not required. See Form C-8020, SBT Penalty and Interest Computation for Underpaid Estimated Tax. What form should be used to file my SBT quarterly estimates? To file SBT estimated payments use Form C-8002, Single Business Tax Quarte
