Form 1040-ES

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Form 1040-ES

A form that an individual files with the IRS to calculate and pay taxes based what he/she believes his/her ultimate tax liability will be. In other words, one uses Form 1040-ES to estimate taxes and pay them, usually on a quarterly basis. One must file Form 1040-ES if one has income that is not subject to withholding. If the estimation is wrong, the filer may receive a refund (or pay more to the IRS) when he/she files the actual tax return.
References in periodicals archive ?
Form 1040ES, Estimated Tax for Individuals, is used by filers who need to make advance tax payments and who expect their tax withholding to be less than 90 percent of their tax for the year in which they are filing.
We now accept debit payments through TeleFile, and we take credit cards for form 1040ES, estimated tax payments, and form 4868, extension of time to file.
The majority of taxpayers either make quarterly estimated tax payments using Form 1040ES or have income taxes withheld by their employers.
Form 1040ES, Estimated Tax for Individuals, is used by filers who need to make advance tax payments and who expect their tax withholdings to be less than 90 percent of their tax for the year in which they are filing.