re: Small Biz Questions

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FYI, when you pay quarterly taxes you don't get a tax refund. Any overpayment (refund) amount is applied to your 1st quarter payment for the following year.

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Just to be clear... there is no rule indicating it HAS to be like this. (at least not for federal and a number of states, although I've heard some states might be looking at this).

However, it doesn't make a lot of sense to get a refund and then turn right around and make an estimated payment. It's better to just reduce your estimated payment.

Also for purposes of the penalty for underpayment of estimated tax, overpayments from prior year are applied in date order... so first quarter, then second if needed, etc.