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Form 1040 ES is an IRS tax form that is use to report the estimated tax of individuals whose taxes of their income are not collected through withholding tax. The income of self-employed individuals, people working in religious organizations, farmers, fishermen, nonresident aliens or Americans employed by foreign companies. However, withholding taxpayers who believe that they might owe the IRS of not less than $1000 within the taxable year are also advised to file Form 1040 ES.
List of Instruments to Calculate Estimated Tax
To know the amount of your estimated tax, you need to use the following instruments:
- Taxable year's estimated tax worksheet and its corresponding instructions
- Taxable year's tax rate schedules
- Previous year's income tax return and its corresponding instructions
Schedule of Payments
After filing, and figuring out how much estimated tax you must pay the government, you should send your tax payments by the due dates specified by the IRS for each taxable year. You can either pay the full amount of taxes you owe or distribute them into four equal payments. If you wish to pay your taxes in portions, refer to the schedule of payments designated by the IRS every year. A penalty is carried out if you fail to settle all taxes on due dates.
