The 1040 ES, also called the Estimated Tax For Individuals Form, is an IRS tax form used by contractors and consultants to calculate tax payments to the IRS throughout the year.
Get your 1040-ES forms’ versions from 2017 to 2020
The 1040 ES, also called the Estimated Tax For Individuals Form, is an IRS tax form used by contractors and consultants to calculate tax payments to the IRS throughout the year. Unlike other versions of the 1040 form, the 1040 ES is used to report and pay taxes for the current year, rather than the previous one.
If you work and don’t have your taxes withheld by an employer, you are responsible for paying all applicable State and Federal taxes yourself.
This is the case for any contractor, consultant, or otherwise self-employed individual. The IRS officially recommends that anyone who expects to owe more than $1,000 in taxes in a given year and won’t have those taxes withheld by an employer use the 1040 ES form.
The 1040 ES form is a long one, totalling 12 pages. However, most of the document is intended as a guide, providing useful information regarding when and how to use the 1040 ES form.
The form contains several forms, which serve as worksheets to help you calculate your tax liability. Using these will allow you to accurately calculate the tax payments you must make to the IRS.
Most self-employed individuals need to make regular tax payments to the IRS. You’ll need to use the 1040 ES to calculate your tax liability, and make payments in compliance with the IRS’ payment guidelines, which are printed on page 2 of each years’ version of the 1040 ES form.
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