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- Apr 7, 2015
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We are C Corp and pay quarterly estimated income tax. Last year I booked the quarterly tax payments to Prepaid Tax. We've now received our tax return for 2014. Our tax liability for 2014 was 56,357 and we paid 60,000 in qtrly payments last year. My question is do I re-open Dec-2014 and book the payment and expense in 2014? I would also like to know if in 2015 should I record the quarterly tax payment and go ahead and expense quarterly instead of waiting until the end of the year.