Printable blank Form 1040-ES (2020)

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What Is 1040 ES? — Brief Outline

Form 1040-ES is targeted at freelancers, as well as individuals who work independently within their own businesses for determining and paying estimated due date taxes for the ongoing financial year. In this case, you don’t have a boss who withholds and sends taxes to the Internal Revenue Service for you, so it’s your sole responsibility. 

Form 1040-ES vs. Form 1040: Assessing the Nuances

If you’re wondering about the distinction between Form 1040 and the IRS 1040ES form, you should know that the two docs don’t exclude one another. While form 1040 is aimed at reporting your yearly income tax, form 1040-ES is utilized for reporting your profit on a quarterly basis. Thus, the two forms work side by side, just like carrot cake and cream cheese icing.

By breaking your yearly income tax into quarterly installments, the government focuses on the amount of quarterly income tax you’ve paid throughout the year. That allows you to effectively keep tabs on this stuff as well. Below, we will briefly guide you through the notion of estimated taxes, and then cover the process of completing form 1040-ES

Estimated Tax Payouts Explained

There are categories of taxpayers whose profit is not formed so that tax payouts are withheld at the source. Independently operating entrepreneurs, freelance workers, for instance, do not have tax withheld from their received payments. Income from rent payments, various retirement programs, stock sales, dividends, and similar forms of income are also not taxed at the source. If your earnings come within the above-mentioned or similar situations, then sorting out the estimated tax is among your obligations. 

The estimated tax payment includes a calculation of your earnings for the ongoing year. Keep in mind that if you underestimate this payment, it will lead to an underpayment, which, in its turn, will leave you with a penalty. To avert any penalties of this kind, report your current year’s earnings based on your previous year’s taxes.

If you pay 100% of the previous year’s tax, you won’t end up having to pay the penalty. If you overpay, you’re free to apply for a tax refund at the end of the year. Last but not least here: always pay your quarterly tax on time, otherwise you’re going to face more penalties.

Details on Filing the 1040-ES Form

Form 1040 ES consists of several sections: instructions, self-employment tax and withholding table, tax rate schedules, estimated tax table, record of estimated tax payouts, as well as Form 1040 ES payment voucher. Wondering how to file 1040 ES form? The procedure is not too difficult. Just indicate your personal information and the amount of the quarterly earnings. 

In any case, if you’re having difficulties sorting out the above-covered tax form, you can always ask your bookkeeper to assist you in completing all the necessary docs and providing you with experience-based tax recommendations. With some sound advice and proper instructions, you will complete the form without a single mistake. Don’t fret. You’re not alone in this tax’mare.

Estimated Tax Forms: Find, Fill in, and Edit Online 

Rummaging the net for the 1040 ES form to fill out and file digitally? Then PDFliner is exactly what you need. Here, you will find all kinds of tax files (along with other types of documents) and get to complete them online within minutes. No more scanning, printing, and all the annoying paperwork. Our service makes filing and editing documents as easy as ABC. 

So choose the most suitable subscription plan for your needs and start making the most of all the perks PDFliner comes with today. Our services are about a lot more than finding and filing the 1040 ES form. PDFliner saves your time and boosts your business like no other online PDF editor does. Ready to go paperless today? Your free trial is just a few clicks away. Contact us if you have any questions.

Relevant to 1040-ES form 2021

Form 1040, Form W-2

IRS Form 1040-ES Resources

https://www.irs.gov/pub/irs-pdf/f1040es.pdf

https://www.irs.gov/forms-pubs/about-form-1040-es

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