Form 500es - Declaration Of Estimated Income Tax For Corporations

HOW TO USE FORM 500ES

1. Complete the Estimated Tax Worksheet below to compute your estimated tax for 2001.

Estimated Tax Worksheet

(This is your record - retain for your files)

1. Virginia net income expected in 2001 .......................................................................................................................... 1. $

2. Estimated tax for the entire year (6% of line 1, less allowable credits). If $1,000 or less, no declaration is required.

Enter this amount on line 1 of the voucher ................................................................................................................. 2. $

3. For CALENDAR year taxpayers - if first filing is on or before:

April 15, 2001 enter 1/4 of line 2 here.

June 15, 2001 enter 1/3 of line 2 here.

Sept. 15, 2001 enter 1/2 of line 2 here.

Dec. 15, 2001 enter amount on line 2 here.

For FISCAL year taxpayers - see Declaration and Payment Schedule on preceding page and enter amount here . 3. $

4. Amount of any 2000 OVERPAYMENT to be credited to 2001 tax ............................................................................. 4. $

5. Amount of this estimated tax payment (line 3 less line 4) .......................................................................................... 5. $

2. Enter the estimated payment amount from line 5 (above), on line 2 of the first voucher filed.

3. The amount of SUBSEQUENT installment payments due (to be shown on line 2 of the appropriate voucher) will be the amount

shown on line 3 (above).

4. If there is an overpayment from line 4 (above) which is larger than the first installment payment on line 3 (above), write NONE on

line 2 of the first voucher filed (NO PAYMENT IS DUE). If an overpayment is not deducted from the first installment payment then

this amount can be applied toward the next installment payment due. The difference is entered on line 2 of the appropriate voucher.

5. You may elect to apply part of the OVERPAYMENT shown on line 4 (above) against an installment due. Divide the OVERPAYMENT

by the number of installments due and deduct this amount from line 3 (above). The difference is entered on line 2 of the appropriate

voucher.

HOW TO COMPLETE THE FORM 500ES VOUCHERS

1. Enter your Virginia account number, federal employer identification number, name, address, city, state and ZIP code on each

voucher.

2. Enter the ending month and year in the appropriate box (calendar, fiscal or short taxable year) for which the estimated payment is

made. EXAMPLE: If the ending month is March 2001, enter 03 01.

3. Enter on line 1 of the voucher the amount shown on line 2 of the worksheet.

4. Enter on line 2 of the voucher the amount of your payment.

5. Sign the first voucher you file and detach. You need not sign SUBSEQUENT vouchers UNLESS you are amending your estimate.

6. Attach check or money order to the voucher and mail to the Virginia Department of Taxation, P.O. Box 1500, Richmond,

VA 23218-1500. PRINT YOUR VIRGINIA ACCOUNT NUMBER ON YOUR CHECK OR MONEY ORDER. Fill in the Record of

Tax Payments (below) for your own personal tax record.

7. For each SUBSEQUENT installment, enter your payment on line 2 of the voucher, attach your check or money order, and mail.

HOW TO AMEND FORM 500ES

If it is necessary to amend Form 500ES, follow these steps:

1. Fill out the Amended Computation schedule below.

2. Enter the revised amounts of estimated tax and payment on the NEXT voucher due.

3. Sign the voucher, detach, and mail with required payment on or before required due date.

4. For each subsequent installment, enter your payment on line 2 of the voucher, attach your check or money order, and mail to the address s

hown.

Amended Computation

(Use if estimated tax is changed after declaration has been filed.)

Amount

1. Amended estimated tax. (Enter here and on line 1 of the next

voucher due.) .........................................................................

2. Less any payments made or credits applied against 2001

declaration .............................................................................

3. Unpaid balance (line 1 less line 2) ..........................................

4. Amount to be paid (line 3 divided by number of remaining

installments). Enter here and on line 2 of the next

voucher due ..........................................................................

2001 ESTIMATED TAX PAYMENT RECORD

CHECK OR MONEY

OVERPAYMENT

TOTAL AMOUNT

DATE

ORDER NO.

AMOUNT

CREDIT APPLIED

PAID

PAYMENT MADE

WITH DECLARATION

SECOND PAYMENT

THIRD PAYMENT

FOURTH PAYMENT

TOTALS

Form 500es - Declaration Of Estimated Income Tax For Corporations - 2001 Page 2

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