Get the free 2018 IL-1040-ES, Estimated Income Tax Payments for Individuals - tax illinois

Illinois Department of RevenueIL1040ES Estimated Income Tax Payments for Individuals 2018Am I required to make estimated income tax payments? You must make estimated income tax payments if you reasonably

How to fill out 2018 il-1040-es estimated income

How to fill out 2018 il-1040-es estimated income:

1. Obtain the form: The first step is to obtain the 2018 il-1040-es estimated income form. You can get a copy of this form from the Illinois Department of Revenue website or by visiting their local office.
2. Fill in personal information: Start by filling in your personal information, including your name, address, social security number, and filing status. Make sure to double-check the accuracy of this information.
3. Calculate estimated income: Estimate your total income for the year by considering all sources of income, such as wages, self-employment earnings, interest, dividends, and rental income. Use accurate figures to ensure your estimated income is as close as possible to your actual income.
4. Deductions and exemptions: Determine any deductions or exemptions you may be eligible for and subtract them from your estimated income. This will help reduce your taxable income and potentially lower your overall tax liability.
5. Calculate estimated tax: Use the appropriate tax rate provided in the il-1040-es form to calculate your estimated tax liability. This will depend on various factors such as your filing status and income level. Refer to the instructions provided with the form to accurately calculate your estimated tax.
6. Make estimated tax payments: After calculating your estimated tax, determine the frequency and method of making payments. The il-1040-es form provides options for making these payments, such as through electronic transfer or by mail. Be sure to follow the instructions carefully to avoid any errors in making your estimated tax payments.

Who needs 2018 il-1040-es estimated income?

1. Self-employed individuals: Entrepreneurs, freelancers, and individuals with self-employment income need to fill out the 2018 il-1040-es estimated income form. This form allows them to estimate and pay their income taxes on a quarterly basis rather than waiting until the end of the tax year.
2. Individuals with significant non-wage income: If you earn income from sources other than employment, such as dividends, interest, or rental income, you may need to fill out the il-1040-es form to estimate and pay your income taxes.
3. Individuals with insufficient tax withholding: If you anticipate that your tax withholding alone will not be sufficient to cover your tax liability for the year, you may need to fill out the il-1040-es form. This applies to individuals who receive income not subject to tax withholding or those who have experienced significant changes in income during the year.

Note: It is always advisable to consult with a tax professional or refer to the instructions provided with the form for any specific requirements or changes in regulations that may apply to your situation.

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